Dambisa Moyo: Aid dependency blights Africa. The cure is in the credit crisis

News Type: Opinion — Seeded on Mon Feb 2, 2009 4:45 AM EST

Article Source: Independent.co.uk

business, china, oil, africa, corruption, poverty, gold, charity, aid, hunger, diamond, dambisa-moyo

The credit crisis was – inevitably – the dominant theme of the annual World Economic Forum that concluded in Davos over the weekend. And while other subjects – diversity and culture, the Israel-Gaza conflict, and even Zimbabwe – did get a look-in, there was little said about the opportunity the crisis presents for aid-dependent African countries.

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{"commentId":5123644,"authorDomain":"nigeriawhatisnew"}

Beauty

I have long believed that far from being a catalyst, foreign aid has been the biggest single inhibitor of Africa's growth. Among its shortcomings, aid is correlated with corruption, fosters dependency, and invariably instils bureaucracy that hinders the emergence of an essential entrepreneurial class. For Africa to grow in a sustained way, foreign aid will have to be dramatically reduced over time, forcing countries to adopt more transparent strategies to finance development.

Excellent analysis of aid and poverty, it has kept the poor extremely poorer. Just ask J. Sachs. Even though I accepted the general idea of sound financial policy, but not moving away from finance will do us all in. Foreign aid may have been the biggest single inhibitor of Africa's growth but looking to China´s reserves and being indebted to a giant swam of locusts will strip Africa of, everything! At least, the west took enough for their millions of citizens now screeming against immigration, Africa cannot sustain the billions in China that is looking to expand (or take back its former territories).

We must do away with finance, it will only create the same old inequalities that has led to massive scale corruption and extreme poverty in Africa. In order to develop and grow, the west owes Africa over $1Tn in corruption and pollution levies. Lets go collect that, throw out all the aid agencies and set up transparent accounting. Anything else is a short change.

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2 votes

#1 - Mon Feb 2, 2009 4:58 AM EST

{"commentId":6894712,"authorDomain":"mmoasem1965"}

Guy Mmoasem

Neo-colonialism is the principal contradiction in Africa today and all African leaders(except Quadafi) are a bunch miseducated and misguided morons plus imperialist stooges. Nkrumah wrote and warned about the coming "Neo-colonialism:last stage of Imperialism" and he is vindicated by the failure of Africa states to unite and take destiny in own hands.

The IMF/World Bank loans are schemes of day light robbery and stupid thinking African leaders political have become criminal assessory to rape of African economies and enslavement of African peoples.These corrupt leaders are assured personal comfort by racist financial oligarchies in the West.Globalism is a descent name for imperialist exploitation.

As for China,its 10million nationals today in Africa project 100million more Chinese in 10-20years representing an Afro-Chinese race. Afro-Chinese would be Africa's future leaders and industrial anchor.Oh poor Africa,a lost continent indeed. Africans must unite to save continent for future generations.China is indeed a threat to Africa's freedom;its Chinese neo-colonialism,period.

{"commentId":6894712,"threadId":"488340","contentId":"2383363","authorDomain":"mmoasem1965"}

#2 - Tue May 5, 2009 1:50 PM EDT

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Dambisa Moyo: Aid dependency blights Africa. The cure is in the credit crisis

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