By Ishrat Husain, Rashid Faruquee
The ebook provides case experiences of Burundi, Cote d'Ivoire, Ghana, Kenya, Nigeria, Senegal and Tanzania - all selected for the big variety of stipulations current ahead of their person adjustment programmes begun. The reports be sure that every time adjustment programmes are vigorously pursued, effects are strongly confident from the viewpoints of progress and relief of poverty. A key point in making sure a winning adjustment programme is powerful motivation and dedication by means of the management of every kingdom. Too many abrupt, unpredictable and widespread alterations and reversals of rules erode the credibility of the programmes, accentuate the uncertainties, and decelerate investor self belief. briefly, the good fortune of reforms hinges on coverage balance, continuity and predictability.
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Extra info for Adjustment in Africa: lessons from country case studies
The slow pace of reform reflects the strengths of vested interests, which feared loss of employment and the emergence of a small elite group of private owners or a return to the dominance by foreign investors that prevailed before Independence. In fact, the transition from a strong, state-controlled system toward more indirect macroeconomic management based on market signals required a profound change of attitude. As Manguelle (1991) asks in his book on cultural adjustment in Africa, Why would all powerful civil servants accept the emergence and accumulation of fortunes other than theirs when they have the means to prevent it?
The government also imposed administrative controls to contain the external deficit and protect domestic industry. From 1981 to 1984 the economic situation went from bad to worse due to a further deterioration in the terms of trade, the continuation of expansionary fiscal and monetary policies, and a prolongation of the drought. Real GDP growth, which had averaged 5 percent a year during 197881, grew by less than 1 percent during 198284. 7 percent of GDP (up from 13 percent the previous year and 2 percent in 1978).
In Ghana and Tanzania the urban poor are better off after adjustment, as consumer goods have become available, real food prices have declined, and informal sector activities have expanded. To the extent that the urban poor were buying their essential goods (including food) in the black market before adjustment, there has been no change in the welfare of this group. In Côte d'Ivoire and Senegal the urban poor are worse off. This would also seem to be the case for the unemployed, fixed-income earners, and minimum wage earners in Nigeria.
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