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Dead Aid in Africa - Mats Tunehag

In the past fifty years, more than $1 trillion in development-related aid has been transferred from rich countries to Africa. Has this improved the lives of Africans? No. In fact the recipients of this aid are not better off as a result of it, but worse—much worse. This is said by Ms Dambisa Moyo who grew up in Zambia. Her training in economics took her from the World Bank to Harvard and on to Oxford, where she obtained her doctorate. She spent eight successful years at Goldman Sachs as the Head of Economic Research and Strategy for Sub-Saharan Africa.

In her book Dead Aid, Dambisa Moyo describes a sharp contrast between African countries that have rejected the aid route and prospered versus others that have become aid-dependent and seen poverty increase. Moyo shows how overreliance on aid has trapped developing nations in a vicious circle of aid dependency, corruption, market distortion, and further poverty, leaving them with nothing but the “need” for more aid.

Dambiso Moyo visited Rwanda recently, a country with a budget which is at least 70 per cent dependent on foreign aid. She wrote about her trip ... Read the rest of the article

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posted by Justin Forman | 3.21.2009 - 8:15 PM

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