“Aid Undermines the Ability of Africans” - Dambisa Moyo
Dambisa Moyo is a world class economist born and raised in Zambia . Her new book book is entitled “Dead Aid”. Nicknamed "The Anti-Bono." Moyo contends that aid to Africa is counter-productive. Here's an excerpt, in which Solomon is asked about U2 frontman Bono, who divides much of his time between working with the band and campaigning on behalf of the world's poorest countries, including Africa.
What do you think of him?Moyo believes more than $1 trillion in development aid over the past 50 years has only entrenched Africa’s poverty, distorted economies and fueled bureaucracy and corruption. She sees alternatives such as encouraging trade - particularly with emerging markets - encouraging foreign direct investment, microfinancing for enterprise and seeking funds from capital markets.
"I’ll make a general comment about this whole dependence on 'celebrities.' I object to this situation as it is right now where they have inadvertently or manipulatively become the spokespeople for the African continent."
Moyo and her book have received good publicity in the United Kingdom including a review on Times, an interview with Financial Times, and a write-up on the Independent. Watch Dambisa with Sky News’ Colin Brazier discuss her book and the fallacy of foreign aid to Africa »
Dambisa has an impressive resume. Oxford-trained (PhD, Economics); Masters from Harvard University; worked at World Bank and Goldman Sachs.Writing in the Independent, Paul Collier: "Dambisa Moyo is to aid what Ayaan Hirsi Ali is to Islam. Here is an African woman, articulate, smart, glamorous, delivering a message of brazen political incorrectness: cut aid to Africa. Aid, she argues, has not merely failed to work; it has compounded Africa's problems. Moyo cannot be dismissed as a crank. Educated at Harvard and Oxford, she heads the Africa strategy of a major bank. Nor can she be dismissed as a renegade who has rejected her roots. She is deeply wounded by the lack of development in Zambia, her home country." [[More]]
Tags: Dambisa Moyo, Anti-Bono, Dead Aid, Dambisa Moyo