The Causes and Impact of the African Debt Crisis

Datos Bibliográficos

ID10429656
AutoresAlex Danso (autor de correspondencia)
Año1990
Volumen19
Número1
Páginas5-21
Fecha de publicación1990-06-01
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaThe Review of Black Political Economy (JOURNAL)
Identificadores de la revistaISSN: 0034-6446 • E-ISSN: 1936-4814
EditorialSAGE Publishing (PUBLISHER • US)
DOI10.1007/bf02899929
OpenAlexW1981095122
IdiomaEN
Citas recibidas8
Referencias citadas7

This article examines the African debt crisis. It focuses on factors leading to the accumulation of the debts and their impact on the debtor nations. The significance of the study lies in the fact that the African debt burden presents a gruesome picture of hopelessness. This is reflected by the continent's massive debt of $230 billion, equivalent to almost three times the continent's annual export earnings. This is expected to jump to $550 billion by the year 2000. Africa's crushing debt burden has become one of the most important factors constraining recovery and development. As the United Nations Children's Fund estimates, one thousand people die each day in Africa because of the debt crisis. The analysis shows that due to the multifaceted nature of the causes of the debt crisis, both creditors and debtors should agree on the options for dealing with the crisis. It further shows that there is the urgency for Africa to tackle its numerous sociopolitico-economic problems. Africa can make real economic progress only when it begins to get on top of its debt crisis

Creditor · Debt · Debt crisis · Debt levels and flows · Debtor · Development economics · Earnings · Economic policy · Economics · External debt · Financial crisis · Financial system · Internal debt · Macroeconomics · Finance · Global Financial Crisis and Policies