Unveiling the Absurdity: The Reality of Foreign Assistance and Investment in Africa

Africa defies conventional thinking; abject lack amidst tremendous mineral riches and natural resources. Investing in and supporting Africa is a noble cause, but the campaign has become an arena of the absurd-the blind leading the clueless. The record of foreign direct investment or assistance to Africa is one of abysmal failure. People on the continent have realized that foreign assistance and investment has not been effective. It has led to a scenario where Africa has been unable to set its own agenda and direction. Today, Africa’s development plans are drawn thousand of miles away in the corridors of the IMF and World Bank. The foreign investment programs contribute much to this failure. Foreign loans and assistance programs geared towards essential social and infrastructural projects are badly monitored and often stolen by bureaucrats. Foreign investment can only help nations on the continent that undertake serious political, economic and institutional reform, but the commitment to structural reform has been woefully lacking to some extent. The democratization process in Africa could be under threat through political chicanery and strong-arm tactics.