The supply of capital in the country is far from
being adequate. The general poverty really leads to low level of capital
formation . It is a vicious circle. In many cases the execution of the
national plans have been positively
hindered by the shortage of capital. Money
is a strongman that must not be
taken for granted if any country
must develop. It is the key to many problems. definitely its influence is being strongly
felt in the different countries of west
Africa .
Because of the shortage many of these countries are forced into
canvassing for loans that are often obtained on very unfavourable terms.
Earlier it has been pointed out that the
total wealth of any country to a great
extent l depends on the amount of
capital equipment that is available and
being utilized. Poverty makes it difficult for a country to build up
a large stock of capital
equipment . This is the case with west Africa I order to break though
this vicious, circle, the cooperation
of all and sundry is needed.
People should be prepared to forgo immediate
enjoyment for a bigger one in the
future . A country that must develop must be prepared to make
sacrifices . This is the main lesson one
can lean from Russian experience