Development finance in Africa : required resources and financing sources to attain overarching development goals

Abstract

Since independence African economies have experienced a sequence of relatively stable growth (1960-early 1970s), a long period of persistent stagnation and crisis (early 1970s-1993), and recent experience of modest recovery and momentum for growth. Two decades of stagnation have been by far the longest and dominant stage in the growth path of SSA economies. Thus it has been argued that Africa's poor economic growth has been chronic rather than episodic (Bloom and Sachs: 1995).