Browsing: Trade not aid

Ten African heads of state and government, as well as the president of the African Development Bank, were handed awards for their instrumental role in the realization of the African continental free trade area. 

“As Africans, we are proud of the extraordinary effort made by our leaders towards the success of the AfCFTA.” Hailemariam Boshe, former Prime Minister of Ethiopia and Ae Group Patron

A consortium of African stakeholders banded together to show acknowledgment for the efforts undertakes towards realizing Africa’s dream. The stakeholders included AeTrade Group in collaboration with the African Union Commission, the African Business Council, the Pan African Chamber of Commerce and Industry, the Federation of West African Chambers of Commerce and Industry, and the East African Chamber of Commerce, Industry, and Agriculture.

The heads of state that received recognition included:

  • Felix Tshisekedi, president of the Democratic Republic of Congo 
  • Egyptian President Ahmed Fattah Al-Sisi; 
  • His Majesty

Over $50 billion worth of aid is poured into Africa every year. Most of it is targeted towards poverty reduction, hunger, and achieving sustainable development goals. Yet Africa remains among the poorest of the poor. The level of disease still continues to stay high and mortality rates remain high. Unemployment levels are soaring and the standard of living remains very poor. 

Lack of access to electricity and clean drinking water coupled with lack of food in some areas is very much a reality. 85% of Africans are surviving on an income less than $5.50 per day. In trying to take stock of the situation an assessment of the efficacy of aid is a necessity. 

Given the amounts of aid that have flowed in, there are questions as to why the state of the continent continues to be pitiful. Does aid stifle economic growth? Does aid have the transformative power