Structural Adjustment Program Analysis
Most African nations implemented SAP (Structural Adjustment Program), an economic `panacea' inspired by the World Bank and the IMF. The objectives of a Structural Adjustment Program are largely the same for most African nations, because the world bodies presume that African economies are at the same level of development and are experiencing similar problems. (Bello 1987). According to (John Ndebbio 1991), the principal elements of an adjustment program include the following:
• Adopting measures to stimulate domestic production and broaden the supply base of an economy.
• Adopting a realistic exchange rate policy (devaluation)
• Rationalization and restructuring of tariffs structure
• Trade and payment liberalization
• Reduction and curtailment
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China, Korea and Cuba (John Ndebbio 1991). The only way out is to start building theories or models which will reflect the experiences of developing countries as well as including in such models a mechanism for change. In doing this, we can learn from the experience of countries which have rejected the road to IMF’s imposed structural adjustment. There must be a break in continuity and a search of a new way or method of understanding the problem of developing countries. It must be observed that the theory of IMF’s SAP imposed policy is rooted in the philosophy of capitalism or capitalist development. We need a theory that will be an antithesis to the theory under …show more content…
Bellow, U. K. "Fiscal Policy Implications of Structural Adjustment Program." A paper presented at the First National Biennial Conference of the Faculty of Business Administration, University of Lagos, Lagos, Nigeria, Oct. 26-28, 1987. Alhaji Bellow was the Permanent Secretary in the Federal Ministry of Finance in Nigeria at the time the program was introduced in 1986.
2. Micheal Ukah (2014): International Journal of Public Administration and Management Research (IJPAMR), Vol. 2, No 2, March, 2014 Website: http://www.rcmss.com. ISSN: 2350-2231 (Online) ISSN: 2346-7215 (Print) Structural Adjustment Programme and its Negative Effect on Education in Nigeria: A philosophical Reconceptualization.
3. Ogbimi F. E “Structral adjustment is wrong policy” an article of African technology froum vol 8 no 1
4. Silvia Federici, George Gaffentzis, Ousseina A Thousand Flowers: A social struggle Against Structural Adjustment in Africa
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