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Reasons for sub-Saharan Africa's development deficit that the commission for Africa did not consider
Authors:Mistry  Percy S
Institution:Percy Mistry (oxfordintluk{at}aol.com) is chairman of Oxford International, which has private equity investments in emerging markets.
Abstract:Despite a substantial amount of aid (much larger in per capitaterms than provided to any other region), sub-Saharan Africancountries, with very few exceptions, have regressed since independence.The general history of Africa since achieving independence hasbeen one of development failure. Some protagonists point tosigns of change that argue for more aid. This article suggeststhat aid to Africa has not worked because human, social andinstitutional capital — not financial capital —poses the binding constraint. In that context, doubling aidto Africa from $23 billion in 2004 to $50 billion annually by2015 seems a questionable proposition. This commentary suggestsunconventional ways of dealing with the problems involved inimporting the essential ingredients that Africa needs. It concludeswith the observation that the aid community’s currentobsession with poverty reduction and the Millennium DevelopmentGoals (MDGs) may be harming rather than helping the cause ofdevelopment in Africa and argues that the focus on growth anddevelopment should be restored.
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