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Why Foreign Aid to Developing Countries Should Be Stopped (Essay Sample)


Why Foreign Aid to Developing Countries Should Be Stopped

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Why Foreign Aid to Developing Countries Should Be Stopped
It is a wise and good idea for the rich nations to share their wealth with developing countries. Developing countries especially in Africa rely a lot on foreign aid to cater for health services, education, food, and other necessities. However, the question that has never been answered is whether foreign aid can help these countries out of the bondage of poverty. Presumably, many countries in Africa are perishing in poverty because of over relying on foreign aid. Many of the countries in Africa gained independence at the same time as some western countries, but their economies still perform poorly (Easterly 1).
Foreign aid contributes to inefficiency of many governments in the underdeveloped countries. Various government leaders centralize their efforts on how to get more foreign grants instead of embarking on innovative projects that can wipe out poverty. In addition, too much flow of foreign aid to poor countries increases inflation. This makes the country’s currency lose value and consequently, the exchange rate worsens. As a result, the government will embark on initiation of measures that will regulate inflation, instead of using that time strategizing on how to develop the country.
Inflation brought about by foreign aid makes prices of different goods and services to increase at an alarming rate. This worsens the living standards of many citizens. Moreover, foreign aid makes citizens in these countries lazy. They never think of using the idly lying resources to benefit themselves. Even various governments in Africa have abdicated from their responsibilities. Instead of looking for ways of exploiting the plenty resources in Africa, theses governments spend most of their time seeking aid from foreign countries.
Foreign aid money does not create jobs. Therefore, the unemployment problem in developing countries will persist as long as these countries continue to depend on foreign aid. Approximately 60% of people in Africa are under the age of 24. Jobs should be created for this people to help them evade poverty. What western countries should do is invest in African countries instead of sending them aid. Through investment, they will create jobs and help the African people win their daily bread.
In addition, foreign governments should give African countries an opportunity to set up their own development plans. Before they tell the African governments what to do, they should first listen to their proposed development plans. A development plan meant for a country in USA cannot work in the same way in Africa. Development plans work according to the country’s economy and resources. Poverty in Africa can only be...
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