The decolonization of Africa was fraught with instability aggravated by cold war. Since mid-20th century cold war, increased corruption and despotism have contributed to Africa s poor economy. While China and India have grown rapidly and Latin America has experienced moderate growth, lifting millions above the subsistence level of living, Africa has stagnated and even regressed in terms of foreign trade, investment and per capita income. Poverty has widespread effects, including low life expectancy, violence and instability which, in turn, perpetuate the continent s poverty. As African economy suffers from poverty, inequality and low industrial growth, which hinder the economic prosperity, there is urgent need for African development. Out of 177 countries reviewed in the United Nations Human Development Report, 2007, 22 African nations ranked the lowest. Africa has the largest hot desert and the second largest tropical forest in the world that prevents building transcontinental means of transportation, hampering its economy. Africa is the least industrialized continent; only South Africa, Egypt and North Africa have substantial manufacturing sectors. Despite the ready availability of cheap labour, nearly all of the continent s natural resources are exported for secondary refining and manufacturing. In this connection, an attempt has been made in this book to study different issues and challenges required for African development, and discuss the efforts being made in different African states towards achieving sustainable and balanced economic development.
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