The issue of debt crisis and management have constituted major challenges to the developing economies of the world. This study examined external debt accumulations and management strategies adopted by developing countries using Nigeria, Ghana and Brazil. The study covers a ten year period, 2002-2011. This work is both conceptual and empirical. Data were gathered through of the documentations/releases of relevant agencies such as the Debt Management Offices and Central Banks of the countries studied. The study attributed the debt crisis in these nations primarily to mismanagement of credit facilities, weak economic base, overdependence on foreign aids, weak debts contractual agreements and ineffective debt managements strategies. The paper recommends among other things that developing economies should place less emphasis on external borrowings as most of the credits are given under very harsh conditions, emphasis should be placed on prudent resource management. The government should rather pursue deliberate policies that will ensure the diversification of their economy by developing other productive sectors of the economies, while external debts should be seen as a last resort and must be contracted to finance only self- sustaining projects that will stimulate real sector and other factors of production needed to guarantee enduring economic development.
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