Three decades of implementation of the Structural Adjustments Programmes failed to either bring structural changes to African economies
or address key structural constraints. The SAPs have rather deepened the primary commodity export-dependence that Africa inherited
from colonialism and increased vulnerabilities to volatile world primary commodities prices. Moreover, the open trade, investment and
financial regimes and policies have had little impact on wealth creation and led to substantial accumulation of wealth in the hands of the
few outside the continent. Trade liberalization has exposed indigenous industries to unfair competition from abroad leading to deindustrialization
and loss of high quality manufacturing sector jobs and degradation of domestic productive capacity. Together with extensive
retrenchment of public sector workers, this has increased the rate of informalization and joblessness.
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