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udget deficits as a result political bad leadership, misappropriation of resources and the general poor domestic management. The persistence of poor economic growth is an issue that is directly connected to the accumulation of debt. On a wholesome note, the accumulation of debt has a negative impact on the accumulation of capital or capital formation. If the countries are to service that debt, there has to be string economic growth that will be complemented by structural developments. The inability of a country to sustain its external debt can be equated to disincentives in investment and shortage of domestic resources to expand the existing economic capacity. As expected, this will lead to stagnant growth and development.

Currently the need for a shift and a swift adjustment in the economic management policies that are in use in the African states, there lies an inevitable future of debt and economic stagnation (Adelman &Morris 1973). The rapid adjustment is to help in proper management of economic variables and agents that will reduce reliance on the external debt to invoke development.

Several factors are credited with the debt plague that characterizes the African states. The first on is the colonial predetermination of the position of the Africa on the global stage. The African countries were placed at cage that was characterized by monoculture ness and import dependency. The second factor is the inability of the post-colonial states to alleviate such tendencies. This has seen the current state where by the African content has been converted to a market for the products that are produced by the first and second world countries while it just produces the primary products. Relying on one primary product is a key point of monoculture and this makes the African states very vulnerable to global economic fluctuations. This places a high possibility of experiencing budget deficiencies that will lead to the state soliciting outside help.

In fact, primary to this is the vulnerability that the domestic supply of food has towards the climatic changes. There are countries that have as the main primary product, agricultural commodities. The question that is raised is the consistency in production. The country will thus find it self-short of domestic food supply in addition to having reduced export earning. On the other hand, a country can be said to attain full debt sustainability if it has the ability to repay or service its debts without involving other debt and missing out the payment schedule. This will call for the country's debt obligation to grow at a lower rate that it's domestic output rate, the rate of taxation and the rate of exports (Bakut & Dutt 2000). However, this wasn't the case with the African continent in that most of the investors witnessing the high debt accumulation choose to stay away and some who had already invested withdrew in fear of risk. This implies that there were increasing interest payments while the net capital inflow was decreasing. An obvious consequence is economic underdevelopment in the African state.

Conclusion

As seen, the African continent is far from being just a victim of circumstances in that the natives have a played a role in the economic degradation. This can be seen from the perpetration of political misconduct and corruption witnessed in governments all over the continent. There are heavy prices in the future to p