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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The Debt Crisis, the Global Economy and the Challenges of Development: Sub-Saharan Africa at the Crossroads
Author:Akokpari, John K.
Periodical:Journal of Social Development in Africa (ISSN 1012-1080)
Notes:biblio. refs.
Geographic terms:Subsaharan Africa
Subjects:external debt
Economics and Trade
international relations
Development and Technology
Economics, Commerce
Dept servicing
Development strategy
Poverty alleviation
developing countries
Abstract:This paper analyses the causes of sub-Saharan Africa's debt and related hurdles to development. It argues that there is a correlation between debt and the development crisis in sub-Saharan Africa. Contrary to neoclassical assumptions, the origins of sub-Saharan Africa's debt are both internal and external, aggravated not only by the international economy on whose margins Africa is located, but also by the inauspicious lending conditionalities of the international financial institutions. The initiative by the G7 and other Western creditors to write off the debts of the world's highly indebted poor countries (HIPC), the majority of which are in sub-Saharan Africa, is necessary but not sufficient to reverse the development malaise of the region. Debt cancellation must be augmented by interrelated domestic policies such as deepening democratization, striving towards gender parity, stemming conditions that precipitate incessant conflicts, reversing the region's crumbling environmental conditions, and fighting the HIV/AIDS pandemic. Bibliogr., sum.