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Who Has Failed Africa? IMF Measures or the African Leadership ?

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Numerous writers have suggested that International Monetary Fund (IMF) Structural Adjustment Programs in Africa have not only damaged growth prospects for many countries, but have further worsened an already badly skewed income distribution. The main purpose of this paper is to argue that of all the feasible alternatives for solving Africa's current economic problems, IMF Programs are the most promising. First, the paper examines the main reasons for the region's dismal economic performance over several decades. Secondly, it evaluates the evidence that has been used to reach the conclusion that IMF programs have had a deleterious effect on Africa's economic performance. Thirdly, it presents a case for the attractiveness of IMF programs, and a discussion of some specific prescriptions in IMF programs.

Affiliations: 1: Department of Economics, Florida Atlantic University, Boca Raton, Florida 33431-0991, U.S.A.

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