ASSESSING ADJUSTMENT IN AFRICA

In 1994 the World Bank issued a report on structural adjustment, Adjus tment in Africa, in which it was argued that orthodox macroeconomic ma nagement represented the road to economic recovery for the sub-Saharan countries. This article demonstrates that with its heavy emphasis upo n macroeconomic policy, Bank policy shifts from structural adjustment to stabilization. Second, the statistical evidence presented by the Ba nk is analyzed and shown to be neither convincing nor internally consi stent. Finally, an alternative approach to adjustment/stabilization is proposed and subjected to statistical testing.