De Beers Chairman Nicky Oppenheimer told listeners that despite billions of dollars of aid given to Africa, countries across the continent wre in a worse state than they were 50 years ago. He called on governments to remove farm subsidies and tariff barriers.
Africa’s richest man said at the International Institute for Strategic Studies in London that, “Aid is the one commodity Africa has never been short of and in the past it has failed time, time and time again.”
By Edahn Golan
De Beers Chairman Nicky Oppenheimer told listeners that despite billions of dollars of aid given to Africa, countries across the continent wre in a worse state than they were 50 years ago. He called on governments to remove farm subsidies and tariff barriers.
Africa’s richest man said at the International Institute for Strategic Studies in London that, “Aid is the one commodity Africa has never been short of and in the past it has failed time, time and time again.” He added that it has “a positive capacity for harm” and encourages corruption.
The statement comes shortly after the U.K. pushed for a decision by the G8 nations to erase billions of dollars of debt owed by African nations to international financial institutions.
Oppenheimer criticized the decision, saying, “Blanket aid could have the effect of sweeping away good practice on those countries struggling to achieve it, and rewarding those leaders of failed and failing states who have never aspired to it.”
