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 Latest updates & developments » Forbes talks big about the downfalls of Aid

 6 Comments- Add comment | Back to Home Written on 23-Sep-2009 by kleinpictures

Great article in this months Forbes magazine. Slowly but surely the message of our film is making it to the wider public. 

"How to pull Africa out of its desperate poverty? The Gates Foundation attacks disease on the theory that debilitated people cannot become prosperous. Celebrities clamor for debt forgiveness. The UN has Millennium Development Goals that promise universal public education, aids containment and a reduction in extreme poverty by 2015. Amid all these competing approaches comes a backlash against the entire aid system. It started with Ghanaian economist George Ayittey in his 2005 book Africa Unchained. He was echoed by William Easterly, formerly of the World Bank, in The White Man's Burden (2006), and former Goldman Sachs economist Dambisa Moyo, in Dead Aid (2009).

Moyo says that $2 trillion (in today's dollars) has been transferred from rich countries to poor ones over 50 years, with most of that going to Africa. The U.S. has spent $300 billion on Africa since 1970. The result: GDP per capita in Moyo's home country of Zambia is under $500, less than it was in 1960. The most heavily aid-dependent countries, she writes, have negative or flat annual growth over the last 30 years. Moyo proposes that Africa be weaned off all aid in five years so that its economies can fend for themselves."

 

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