ANDILE KHUMALO: Asia shows Africa that investment works, aid doesn't
Financial assistance has exposed Africa to the challenging dangers of always being on the receiving end of the begging bowl
Ashort visit to Lesotho this week served as a stark reminder of just how much work we still need to do to reduce Africa's reliance on foreign aid. The somewhat forgotten kingdom of 30,000km² and two million people serves as a real-life microcosm of the reality that aid does not develop nations - only investment does. According to Mosotho journalist Ntsoaki Nkoe, who penned a piece entitled "Foreign Aid Not the Answer for Africa", research indicates that the African continent as a whole receives roughly $50bn of international aid each year - yet, instead of drastically improving the living conditions of those below the poverty line, this aid often makes the rich richer, the poor poorer and hinders economic growth, not to mention catalysing the vicious cycle of corruption. Economist Dr Moeketsi Majoro - former minister of economic planning in Lesotho, who has worked at the International Monetary Fund - believes that after the many mistakes made in aid operations, donor countries have ...
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