International aid could be undermining Africa
French economist Thomas Piketty has warned that international aid could be “undermining” Africa as the continent struggles to lift millions out of poverty despite robust economic growth.
Piketty criticised international aid organisations for needlessly replicating government services, adding that African nations should also work to take more control of revenues created by their vast natural resources.
Piketty was in South Africa’s economic capital to deliver an annual lecture organised by the Nelson Mandela Foundation which took place yesterday.
Sub-Saharan Africa enjoyed robust GDP growth of five percent in 2014, though South Africa grew at only 1.5 percent.
Almost half of all Africans live in extreme poverty on $1.25 a day or less, according to the World Bank.