Browsing: Developing nations

map of africa

Former President of Senegal Abdoulaye Wade said this in 2002 during his reign; “I’ve never seen a country develop itself through aid or credit”. These words remain true to date, where we see different countries in Europe, Asia and America which achieved success through capitalist reforms and free markets. The fact that Africa remains the poorest continent despite receiving the most aid is a testament to the inadequacy of aid in achieving economic development.

Africa has utilised aid in financing development projects, importing some critical commodities and for technical assistance. Aid is inevitable, but it is the complete reliance on it that cripples the economy as it leads to complacency on the part of Africans. Not all aid is bad, it is the long-term financial transfers or loans aimed at improving the economic development that hurt the economy. Grants that are aimed at famine and disaster relief are of great