By J. Paulson
An authoritative evaluation of the reform efforts in African economies through the Nineteen Eighties and early Nineteen Nineties. the point of interest is at the reform strategy within the socialist international locations which begun from a place of pervasive kingdom intervention. The influence of the following fiscal liberalization and the altering position of the nation through the interval of transition is the point of interest of this theoretical evaluate, with specific insurance of macroeconomic administration and the privatization of nation companies. A better half quantity (0-333-71237-4) comprises in-depth nation experiences. those books are the 1st in an immense new sequence in organization with the Centre for the research of African Economies, collage of Oxford.
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Extra info for African Economies in Transition: The Changing Role of the State
A few reforms were tried after 1987, but were poorly implemented. There was a currency reform, but only 5 per cent of the liquid balances with the public could be changed for the new currency, and receipts issued for the rest, with a vague promise that these receipts would be converted into interest bearing bonds in the future. Prices on the parallel markets soared as people tried to get out of holding currency and the economy turned to barter. Differences between parallel and official prices and exchange rates were, and are, enormous.
The government undertook a rapid poorly-managed privatisation programme. By 1988, of the 131 public enterprises in existence when the programme began, the government had privatised 25, mostly industrial, and liquidated 68, mostly commercial. The privatisation programme was successful in moving enterprises out of the public sector, but drew sharp criticism for lack of transparency and mismanagement. Some of the inveshnent was fraudulent, some depended heavily on financing from the domestic banking system with little equity, and many of the business ventures failed.
The state still has a monopoly on petroleum distribution. Benin and the other countries of the CFA Franc Zone devalued the CFA franc from CFAF 50 to CFAF 100 to the French franc in January 1994. 8 per cent in 1995. Congo Congo used oil revenues to achieve one of the highest growth rates in SSA from 1977 to 1985, but after oil prices fell in 1985/86, the country went into a protracted economic decline. 25 per cent per year over the last ten years falling to $620 in 1994. The economy remains undiversified.
African Economies in Transition: The Changing Role of the State by J. Paulson