alexa Failure of Foreign Aid in Developing Countries: A Quest for Alternatives
ISSN: 2151-6219

Business and Economics Journal
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Review Article

Failure of Foreign Aid in Developing Countries: A Quest for Alternatives

Niyonkuru F*

Office Administrator at SPANCO Charitable Organization Human Resources, Ghana

Corresponding Author:
Niyonkuru F
Office Administrator at SPANCO
Charitable Organization Human Resources, Ghana
Tel: 2486261834
E-mail: [email protected]

Received Date June 03, 2016; Accepted Date June 15, 2016; Published Date June 25, 2016

Citation: Niyonkuru F (2016) Failure of Foreign Aid in Developing Countries: A Quest for Alternatives. Bus Eco J 7:231. doi:10.4172/2151-6219.1000231

Copyright: © 2016 Niyonkuru F. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

 

Abstract

Adequate development strategies and policies to be applied in the developing countries to eradicate poverty have been on trial with no effect ever since the era of structural adjustment programs. The state of underdevelopment of most African countries and many developing countries can be accounted to a variety of factors, many of which are those supposed to bring about remedy. The paper examines, the nature, the relevance of foreign aid given to developing countries and assesses level of influence of other alternatives to development available for the continent. Foreign Aid has been contracted for development projects’ support, supplementing national budget, debt relief, aid to attain the set Millennium Development Goals… which were supposed to lead those countries to middle income status etc. Loans and grants given to accelerate poverty reduction programs have shown little aptitude to reduce poverty. The study showed that the given aid is shrouded with hidden agenda from donors who set unbearable conditionality, hard to meet to yield desired results. At one hand, the inefficacy of foreign aid to eradicate poverty was seen as inherent to its nature and at the other hand, as results of its management and cycling by recipients. Far to bear fruits, the conditionalities attached to some of contacted economic bail out ( from the IMF and WB) to address economic crisis countries can face, it was rather seen as harmful to vulnerable citizens due to its stringent austerity measures and though it may bring about economic stabilization, no indices of economic growth and people’s welfare could be measured. Despite diversified kinds of intervention of the non-governmental organizations and civil societies in their variety social services delivery (in health, mass education and mobilization, education, human rights preservation…), their capacity to lead our nations to macroeconomic growth were not evident as in their good work, face numerous barriers from both donors and governments recipients. Their problem solving strategies fail to be counted on for a sustained macroeconomic development. The New Partnership for African Development (NEPAD) which came as a well thought and designed new re-engagement to lay solid foundation for the renewal of African condition, despite its efforts to eradicate poverty, to put African countries on the path of sustainable growth, to halt the marginalization of the African continent in the globalization process, to integrate the continent in the global economy and accelerate the women’s role in development agenda. These beautiful verbiage formulations are yet to be seen on the ground and it seems it had failed to get to its desired destination. The paper recommends a new reawakening in the realm of cooperation and integration among African nations. If foreign aid it to yield good results, the paper suggest casts off the recourse to unfruitful conditionalities which was seen rather harmful. Other development entities such as nonprofit making organizations should help countries invest in long term projects in full workable public-private partnerships model while the state’s role should avoid be investing in both infrastructure and human capital, embark on monetary and fiscal discipline and create enabling environment for business and institutional administrations for aid to produce good results.

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