In the past fifty years, more than
In the past fifty years, more than $1 trillion in development-related aid has been transferred from rich countries to Africa.Has this assistance improved the lives of Africans? In fact, across the continent, the recipients of this aid are not better off as a result of it, but worse—much worse.||
In the past fifty years, more than $1 trillion in development-related aid has been transferred from rich countries to Africa.trillion in development-related aid has been transferred from rich countries to Africa.
In the last five years Africa's economic performance has been encouraging.
Its economies have grown by an average of five per cent per year, and at the end of 2006, three out of the top 10 fastest-growing economies in the world were African (Angola, Sudan, and Mauritania).
Setting aside the debate on how (or indeed whether) sub-Saharan Africa will be affected in the short term by the ongoing financial turmoil, there is every reason to believe that what is happening could in fact be the best thing for Africa's long-term development prospects.
The crisis presents Africa with a unique opportunity to overhaul its development strategy away from the aid-based model (which despite its over one trillion-dollar injection has achieved little in terms of delivering growth and alleviating poverty over the last 50 years) and move more aggressively towards the kind of market-driven interventions that have fundamentally transformed the fortunes of emerging countries, such as the well-known BRIC economies – Brazil, Russia, India and China – but also, closer to home, South Africa and Botswana.
In Dead Aid, Dambisa Moyo describes the state of postwar development policy in Africa today and unflinchingly confronts one of the greatest myths of our time: that billions of dollars in aid sent from wealthy countries to developing African nations has helped to reduce poverty and increase growth.
In fact, poverty levels continue to escalate and growth rates have steadily declined—and millions continue to suffer.She worked for two years at the World Bank and eight years at Goldman Sachs before becoming an author and international public speaker.She has written three New York Times bestselling books: Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa (2009), How the West Was Lost: Fifty Years of Economic Folly – And the Stark Choices that Lie Ahead (2011), and Winner Take All: China's Race for Resources and What It Means for the World (2012).Moyo’s books have become bestsellers and sparked debates with world leaders and policy-makers.Her first book, Dead Aid, argues that foreign aid has hurt Africa, fuelling its dependency on the West.The credit crisis was – inevitably – the dominant theme of the annual World Economic Forum that concluded in Davos over the weekend.