A reform program me known as the structural adjustment program me (SAP) was introduced in the 1980s in over 30 sub-Saharan African (SSA) countries with poor growth performance and severe macroeconomic disequilibria. At the center of this program me is the exchange rate adjustment aimed at moving economic growth and stabilization by enhancing the incentives to produce traceable, particularly agricultural traceable. An examination of data from a sample of 30 SSA countries reveals that the outcome of currency depreciation has not been encouraging. Its impact on output and export was at best insignificant. It has also triggered a high rate of inflation. Current account balance was positively influenced by devaluation but this was largely due to import compression, rather than export expansion. A positive response may have been constrained by structural bottlenecks such as limited technological and administrative capacity, inadequate infrastructure, rising cost of inputs and imperfect markets.