Vol. 1, No. 4: Democracy and Economic Reform in Africa, By Peter Lewis
01 November, 1999
Africa was beset by economic crisis throughout the 1980s. Suffering acute fiscal problems, declining growth rates, stagnant production, rising external debt, and
widening domestic poverty, many governments, turned to the IMF and the World Bank for new resources or debt relief. With the sponsorship of these international
financial institutions (IFIs) and other donors, a majority of states embarked upon stabilization or structural adjustment programs. The effectiveness of these
measures varied, but economic policies had changed markedly in several countries by the end ofthe decade.