Developing African countries are currently in the grip of an economic and social crisis of an unprecedented scale and severity that threatens the existence of many of these countries. To be sure, the crisis did not suddenly emerge. It is the cumulation of adverse developments whose smoldering embers are traceable back to the 1970s. Its tempo has recently so accelerated that unless urgent measures are taken, the situation spells disaster. Several interrelated factors have combined to create the economic crisis. In addition to structural rigidities, developing African countries are also the victims of unfavorable exogenous shocks that have kept them in a perpetual state of disequilibrium.