Abstract
At the October 1985 meeting in Seoul of the International Monetary Fund and the World Bank, African delegates insisted that ‘the economic situation is the worst in recent history’.Indeed, it is now widely accepted that the states and peoples of sub-Saharan Africa are in the midst of a crisis of unprecedented magnitude that has been caused by both short-term and long-range factors. Domestic food production has been declining, whilst food imports have increased, and this has exacerbated the televised disasters of drought and famine. The recession in western countries has led to a decline in the external demand for African primary products. Export volumes and values have decreased overall, producing significant fiscal problems, and the resulting foreign-exchange shortages have meant industrial stoppages, an inability to replace infrastructures, and a decline in the gross domestic product.
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