One of the major objectives sought by the New International Economic Order is to secure favourable conditions for the transfer of resources to the Third World, and to ensure that they are fully utilised for the development of the countries concerned.1 However, the unprecedented growth of the global economy since World War II has not been equitably distributed between the rich and poor nations. Unfortunately, within this international scenario, the increasing external indebtedness of the latter has had, and still has, wide-ranging domestic implications that have rocked the foundations on which many African economies stand.