Premium Reporters
Premium Reporters
February 18, 2025 at 05:06 AM
*Ditch Foreign Aid or Remain Trapped—Okonjo-Iweala Warns African Leaders* Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), has issued a stern warning to African leaders, urging them to reduce their reliance on foreign aid. Speaking at the African Union headquarters in Addis Ababa, Ethiopia, Okonjo-Iweala emphasized that the era of depending on foreign aid is coming to an end. She advised African nations to focus on mobilizing domestic resources and attracting investments to drive economic development. Okonjo-Iweala's call comes as Africa faces significant economic challenges, including a growing debt burden. Many African countries use a substantial portion of foreign aid for debt servicing, which undermines sustainable development. The reliance on aid also erodes national sovereignty and hampers governments' ability to make independent decisions on development priorities. Experts like Dambisa Moyo have long argued that foreign aid can be counterproductive, leading to dependency and undermining local economic structures. Okonjo-Iweala's message aligns with this perspective, emphasizing the need for African nations to adopt more self-sufficient economic strategies to achieve lasting growth and stability.
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