Why Foreign Aid Is Hurting Africa
Posted by keelynet on April 1, 2009
This is such a common thing, where people funnel endless supplies of money to treat the results, not the causes of problems in the world. Remember the universal truth in the quote, “Give a man a fish; you have fed him for today. Teach a man to fish; and you have fed him for a lifetime”.
“Giving alms to Africa remains one of the biggest ideas of our time — millions march for it, governments are judged by it, celebrities proselytize the need for it. Calls for more aid to Africa are growing louder, with advocates pushing for doubling the roughly $50 billion of international assistance that already goes to Africa each year. Yet evidence overwhelmingly demonstrates that aid to Africa has made the poor poorer, and the growth slower. The insidious aid culture has left African countries more debt-laden, more inflation-prone, more vulnerable to the vagaries of the currency markets and more unattractive to higher-quality investment. It’s increased the risk of civil conflict and unrest (the fact that over 60% of sub-Saharan Africa’s population is under the age of 24 with few economic prospects is a cause for worry). Aid is an unmitigated political, economic and humanitarian disaster.” – Source
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