I don't think that the lack of safety in African aviation can be put down to any one factor. Lack of money is definitely a big one, corruption another, poor equipment, poor training and poor quality people involved are also just as relevant.
Aviation just isn't taken as seriously in Africa as in other places. Companies and pilots get complacent and start treating planes as some sort of buses, and keeping pushing the boundaries until something gives. Then get all upset, hit the denial button big time, and promptly keep on doing the same old stupid mistakes.
Some of the accidents in my neck of the woods aren't even declared officially - aircraft get quietly repaired and put back into service having had nothing more serious than an 'off airport precautionary landing'. How good is that for spin doctoring a pilot cocking up royally, and plonking a plane load of passengers down in the bush!! And even if a prang is investigated, the investigators don't know what they're looking for, or can be bought off!! A down hill, down wind takeoff without basic directional control resulted in some serious cabin damage to a twin. Investigators spent hours measuring how far off the runway the aircraft came to rest, believed the story it was an engine failure and NEVER tried the perfectly good engines to see for themselves.
In Africa, we're experts at excuses!! Rotor winds that turn planes upside down, mountain waves that suck aircraft thirty miles off course, mysterious one plane turbulence, faulty batches of tyres, bad fuel, sabotage, engine failures etc. The one thing we rarely ever hear about is a pilot F-up. And let's face it - no matter what the ending factor is, most of the time the pilot failed to see the problem earlier down the line, and failed to do the right thing then.
What am I most scared of in aviation is definitely the people... ATC that clears small VFR traffic into your flight path in totally IMC conditions - Knowingly!! Pilots that don't listen to radio calls, or are half asleep when they make a call. Disinterest from airline management that allows shortcuts to put jets in the wrong place - Officially. Being told by an IR examiner to do a DME arc at an airport that doesn't have any published DME procedure because he was bored of the usual!! Pilots that can only press GOTO on a GPS and have never opened a map since their PPL. Egotists that can't be told they're past it/behind the loop/dangerously untrained etc. And companies that are so obsessed with the financial bottom line, they don't care about pilots or planes.
Definitely the people worry me most!!!