Africa’s long reliance on foreign aid has come at the expense of its own industrial and human capital development — and a shift toward investment and self-reliance is urgently needed, according to policymakers and development leaders speaking at a Devex Impact House event last week.
The discussion on the sidelines of the World Bank-International Monetary Fund annual meetings explored how African governments and their partners can move from short-term aid models to investment-driven growth that builds local expertise, strengthens governance, and connects projects with finance.
Africa’s dependence on aid has come at a steep cost to its own development, said Hippolyte Fofack, former chief economist at the African Export-Import Bank.