STRUCTURAL adjustment has transformed Africa for the better over the last 20 years. Economic growth rates are averaging well over five per cent. There is still a serious problem with income inequality but in general Africans are becoming better off. The move away from state domination of the economy is one reason why Africa has left economic stagnation behind. Inefficient parastatals were a huge drain on the state because of patronage and corruption. State corporations are only useful where there is a natural monopoly such as power and water. The government has poured billions into the...
↧