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On the other hand, in 1960’s Zambia was a third largest copper producer in the world.(after the United States and the Soviet Union). In that time, Zambia was potentially one of the African richest countries.
Unfortunately,these days Zambia is one of the world’s poorest countries with three-quarters of the population living below $1 a day...
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One of the reasons which contributed to the crisis is that the country was paying an inflated price for the oil imports, while for the exported copper they were underpaid.By December 2002 Zambia’s external debt was $5.4 billion.
GHANA
Ghana implemented SAP’s in 1983. The impact of SAP’s was catastrophic for GHAna as it was for many African countries...
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