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External Dependence and Long-Term Development

In: Africa’s Recovery in the 1990s

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  • Rolph Hoeven

Abstract

At independence most sub-Saharan African countries inherited import-dependent economies. Because of rather shallow levels of GDP, as well as the small size of most of the economies, the need in these countries to build up strong economic and social infrastructure dictated in most cases the continuation of past policies, thus requiring that imports represent a substantial share of GDP. The content of imports, however, was to be changed to cater for the needs of nation building. Exports were usually not sufficient to finance import bills. A foreign resource gap was therefore regarded as a necessary element in the development process. The resulting foreign exchange shortages were financed through bilateral and multilateral lending but also through grants and private lending which could be repaid from growing export proceeds.

Suggested Citation

  • Rolph Hoeven, 1992. "External Dependence and Long-Term Development," Palgrave Macmillan Books, in: Giovanni Andrea Cornia & Rolph Hoeven & Thandika Mkandawire (ed.), Africa’s Recovery in the 1990s, chapter 11, pages 272-295, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-22344-2_12
    DOI: 10.1007/978-1-349-22344-2_12
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