A framework for resolving Africa's debt crisis

Abstract

This paper examines the various measures which have been put in place in the past to resolve Africa's debt crisis. Relevant economic indicators show that Africa's outstanding debt is very large considering the continent's weak production stuctures, negative external balances and high external debt service burden. Various, strategies adopted in the past to resolve Africa's debt crisis seem to have failed to address the debt service capacity of African countries. The paper suggests that an alternative framework for resolving Africa's debt crisis would be predicated on the existence of conducive domestic economic conditions and understanding by the international community.