Forget Foreign Aid, Focus on Foreign Investment In Women Entrepreneurs
Monday, July 9, 2012
Foreign aid can sometimes account for over 90% of a country’s GDP; yet developing nations are quickly learning that foreign aid is not a long-term solution. And over the past few years, we’ve seen just how interconnected the global economy is: a misstep in one economy, affects the global economy.
Dambisa Moyo, economist and author of Dead Aid: Why Aid is Not Working And How There is a Better Way For Africa, argues that foreign aid to Africa is hurting, not helping the continent.
“Policymaking…has to set the environment to make it conducive for people to invest, be entrepreneurial and to innovate,” Moyo told Forbes Woman.
Investment in entrepreneurship—particularly women entrepreneurship—can lead to long-term growth in developing countries, the type of change that affects economic development, and a collaborative effort that influences innovation and empowers citizens to contribute to their nation’s GDP.