Dr. Dambisa Moyo: Foreign Aid into the African Continent is Bad for the Countries

Why China can pull billions of people out of poverty but African countries stay poor despite all the foreign aids? Dr Dambisa Moyo shared her research and insights in an interview done by Allan Gregg.

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? No. In fact, across the continent, the recipients of this aid are not better off as a result of it, but worse—much worse.

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. Provocatively drawing a sharp contrast between African countries that have rejected the aid route and prospered and others that have become aid-dependent and seen poverty increase, Moyo illuminates the way in which 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.

Debunking the current model of international aid, Moyo offers a bold new road map for financing development of the world’s poorest countries that guarantees economic growth and a significant decline in poverty—without reliance on foreign aid or aid-related assistance.

Dead Aid is an unsettling yet optimistic work, a powerful challenge to the assumptions and arguments that support a profoundly misguided development policy in Africa. And it is a clarion call to a new, more hopeful vision of how to address the desperate poverty that plagues millions.

Dambisa Moyo

Dr. Dambisa Moyo is a renowned economist who analyzes the global macro-economy. She was born and raised in Lusaka, Zambia. Dr. Moyo has an established international reputation as a thought leader on the political and macroeconomic landscape across developing countries, in particular the BRICs and the frontier economies in Africa, Asia and South America.  She currently serves on the boards of Barclays Bank, SABMiller, and Barrick Gold.

Dr. Moyo completed a PhD in Economics at Oxford University and holds a Masters degree from Harvard University, and has worked at the World Bank and Goldman Sachs. She has been named by Time Magazine as one of the “100 Most Influential People in the World” in 2009 , as well as to the World Economic Forum’s Young Global Leaders group. Her work regularly appears in economic and finance-related publications such as the Financial Times, Barrons magazine, and the Wall Street Journal. Ms. Moyo is also a contributing editor to CNBC, the business and finance news network.

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