ABSTRACT
The first section of this chapter provides some quantitative evidence of economic stagnation or retrogression in Ghana, Mozambique, Ethiopia and Tanzania, and discusses some determinants of poor economic
performance. It is argued that policies have frequently been adopted which exacerbate the imbalance between foreign-exchange requirements and availability, and that these policies are the most important general explanation of economic stagnation. Alternative explanations of poor economic performance are discussed and criticized, on the grounds that they lack both empirical support and logical coherence.
