Policy and strategy for internally self-sustaining industrial growth and diversification in the African region

Abstract

Summary of issues and recommendations on policy and strategy for internally self-sustaining industrial growth and diversification in the African region. The industrial structure of most African economies is characterized by an in-built demand for foreign exchange maximization versus growth of indigenous resources and capital such a structure tends to be associated with external dependence through escalating purchases of imports of required industrial inputs, capital goods, spare parts, components, technical manpower, technology, managerial personnel and services. many of the foreign debts contracted by African countries are in fact for amounts much greater than the sums actually received if a reverse flow of interest, dividend and principal payments, direct or indirect payments for imported technology, technical manpower, consultancy services taken into account.