The literature of commodity supply functions is characterized by explanatory variables which are either current of lagged prices. This study not only underlines the existence of other equally or more important factors but also emphasize their explicit incorporation in estimation.

In this paper an attempt to address the historical origin of African external finance and debt problem is made. It will be argued that Africa's external finance problem is the result of the structure of its trade in the world economy in general and its place as a commodity producer in...