Spotlight on Dr. Dambisa Moyo
As Zambia celebrates her 47th independence ,we put a spotlight on a woman who is making her country proud and is an inspiration to many .
Dr Dambisa Moyo is an international economist who comments on the macro economy and global affairs.
She is the author of the New York Times Bestseller Dead Aid: Why Aid is Not Working and How there is a Better Way for Africa(2009)and How the West Was Lost: Fifty Years of Economic Folly and the Stark Choices Ahead(2011).
Moyo is also a regular contributor to financial journals such as The Economist and Financial Times and has appeared as a guest on networks such as CNN, CNBC , BBC , and FOX Business.
- Dr Dambisa Moyo was born (in 1969) and raised in Zambia.
- In 1997, Moyo earned a Master of public administration (MPA) from Harvard University’s Kennedy school of Government.
- She earned a Master of Business administration (MBA) in Finance and Bachelor of science (BS) in Chemistry from American University in Washington D.C.
- She holds a Doctorate (DPhil –Doctor of Philosophy) in Economics from St.Antony’s College ,Oxford University; her 2002 dissertation is titled “Essays on the determinants of the components of savings in developing countries“
In her 2009 book Dead Aid , she discusses foreign aid and why African countries should not rely wholly on it for development. She is brutally honest about how “charity” is actually killing her country Zambia and other African countries.
Moyo explains that Aid is actually worsening the levels of poverty .Countries that were receiving the most amounts of Aid actually had very low average annual growth rates of -0.2%! In the last 30 years when the amount of Aid flowing into Africa were at its peak, poverty levels rose from 11% to un astounding 66%!
“Transferring large amounts of money from one government to another encourages corruption, creates Aid dependency, kills off exports and disenfranchises Africans,” says Moyo. The main problem is that, according to Moyo , “Many Africans are now addicted to Aid.”Foreign aid, in a way, brings up corrupt governments by providing them with freely usable cash. These corrupt governments interfere with the rule of law, the establishment of transparent civil institutions and the protection of civil liberties, making both domestic and foreign investment in poor countries unattractive. With fewer investments there is limited economic growth, which leads to fewer job opportunities and increasing poverty levels. In response to growing poverty, donors give more aid, which continues the cycle.
Dr Dambisa Moyo does not just criticize foreign aid ,she also highlights alternative sources of revenue for developing countries, such as ;
- private capital markets,
- foreign direct investment,
- micro-enterprise lending
- remittances and private savings
That does not mean that Governments would stop being corrupt, but the corruption would be reduced due to the fact that there would less “free” money to throw around. People are more likely to be careful with money they have worked hard for as opposed to money they have been given.
Thus, in Moyo’s view, the starting point of helping Third World countries is to stop pretending that the Aid-based development model currently in place will generate sustained economic growth in the world’s poorest countries. She suggests telling Third World countries that the financial flow will end in five years. Other than temporary disaster relief, there will then be no more Western cash to underwrite African failure.
You may or may not agree with her views , but she does bring about some good points in her book . Our leaders should take time to read it.
Many people has good things to say about her work . She was invited to Rwanda by President Kagame to discuss her thesis and the President bought copies of the book for his entire. He says that “Dead Aid has given us an accurate evaluation of the aid culture today”.
- In 2009, Moyo was honored by the World Economic Forum as one of its Young Global Leaders .
- In May 2009, TIME Magazine named Moyo as one of the world’s 100 most influential people.
- In September 2009 Moyo was featured in Oprah Winfrey ‘s power list of 20 remarkable visionaries.
- On March 14, 2011, Moyo spoke at the annual Observance ceremony marking Commonwealth Day in Westminster Abbey. She spoke on “Women as Agents of Change” in the presence of the Queen Elizabeth II , British Prime Minister David Cameroon and 2000 guests.
- In the same month The Daily Beat also selected Moyo as one of “150 Extraordinary Women Who Shake The World” along with Hilary Clinton, Madeleine Albright and others.
She is an inspiration to all Zambians especially women.
#I once had a conversation about Dambisa with one of my Zambian friends. Well the conversation intially began about the rise of celebrity culture in South Africa as compared to other Southern African countries . I for one absolutely hate the whole celebrity culture but my friend said that she wished more Zambian citizens would celebrate the achievements of other Zambian citizens. What do you guys think?
#I’m laughing at the comments made about this article. Especially by one commentator who clearly suffers from P.H.D.(pull her down) syndrome and interestingly enough some commentator raised the issue if Dambisa is Zambian or Zimbabwean. I know the surname Moyo is very prevelant in Southern Africa especially in Zambia, Zimbabwe and South Africa. I think it speaks more about “national boundaries” or once “fluid national boundaries” than it does of citizenship.