Abstract: | The article seeks to analyse the nature. the size, and the implications of the balance-of-payments problems, to emphasise the need for further study and to seek possible solutions. It emphasises the crucial importance of foreign capital for the development of the African economies. In order to redress their balance-of -payments problems while maintaining the growth rate of their economies, the countries, individually collectively, and in collaboration with the capital-lending countries and with the international and regional financial institutions, have to ain at (a) increasing the flow of foreign financial resources, and (b) improving the terms, or reducing the cost, of borrowing. |