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Foreign Aid Has Made African Countries More Debt-laden, Inflation Prone

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Nana Afadzinu

The West Africa Civil Society Institute (WACSI)‎ has lamented that the foreign aid culture has left many African countries more debt-laden, inflation prone and more vulnerable to the vagaries of the currency markets and more unattractive to higher quality investment.

The Institute’s Executive‎ Director, Ms. Nana Afadzinu made this known in Abuja at the recent 2nd West Africa Civil Policy Dialogue Series, 2016 (WAC-PoDiS) with the theme ‘Financing our Development: Strategies for Domestic Resource Mobilisation for Agenda 2030 in West Africa and the Role of Civil Society’.

Afadzinu noted that foreign aid has also restricted the policy space of many developing countries due to existence‎ of ‘tied aid’ which dictates what a designated piece of funding should be used for, with minimal control by the recipient country.

‎According to her, “in most cases, the restriction is extended to procurement processes with donors dictating where goods and services should be acquired in carrying out a given project, a lot of which sees contracts given to donor country companies to the disadvantage of local goods and services.”

Afadzinu‎ stressed that the current development landscape and the dwindling desire by developed countries to assist developing countries one in form of development aid or the other had made the need for domestic financial resources even more crucial.

She stated: “it is evident that there is need for a mobilisation ‎of resources to move the vision of Sustainable Development Goals (SDGs) beyond rhetoric to reality. This is even more evident in recent times where there is a constant decline in aid and other support for Africa’s development.

“Domestic resource mobilisation has proven to solidify ownership over the development strategy and to strengthen the bonds of accountability between governments and their citizens. This is because locally raised funds give a government full control of designing development programmes and strategies based on the real needs of the people without any influence by external forces.

“The citizenry is also likely to hold its government accountable for the use ‎of the taxes paid in providing the necessary services for the country,” she noted.

Afadzinu‎ emphasised that governments that rely heavily on foreign aid are less inclined to raise local taxes and therefore pay less attention to the demands of their citizens.

The Executive‎ Director noted that in this regard there was more to be said for promoting domestic resource mobilisation as against sourcing funds from external donors.

On his part, the Deputy Director, McArthur Foundation, Mr. Oladayo‎ Olaide said government spending would be the most important source of domestic resource for the SDGs in many parts of West Africa, adding that from the MDGs experience, government spending was more reliable than aid.

He explained that in order to mobilise resources locally, West African countries must block leakages ‎in government revenues through system strengthening and automation of revenue collection system, tax reform to improve computation and collection and review and reform of tax exemptions and concessions.

To help realise the new 17 SDGs on or before the deadline year of 2030, the private sector has been tipped as a major stakeholder in the process, with its huge funds and efficiency identified as vital ingredients for development across the globe.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

Obaseki Wins Edo State With a Landslide Victory

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Governor Godwin Obaseki has now won the remaining Local Government, Ovia South-West Local Government.

Here is a break down of Ovia South-West’s final result. APC recorded 10, 636 votes while PDP amassed 12, 659.

Total valid votes stood at 23,741 with 743 votes rejected and 24,484 votes cast.

Overall, Obaseki won a total of 13 local governments out of 18, while Ize-Iyamu wins 5. See the details below.

Local Government APC  PDP 
Igueben  5,199  7,870 
Esan North-East  6,556  13,579 
Esan Central  6,719  10,794 
Ikpoba-Okha  18,218  41,030 
Uhunmwonde  5,972  10,022 
Egor  10,202  27,621 
Owan East  19,295  14,762 
Owan West  11,193  11,485 
Esan South East  9,237  10,565 
Ovia North-West  9,907  16,987 
Etsako West  26,140  17,959 
Ovia South-West 10,636 12,659
Oredo  18,365  43,498 
Esan West  7,189  17,434 
 Akoko Edo 22,963 20,101
 Etsako East 17,011 10,668
 Etsako Central  8,359 7,478
Orhionmwon 10,458 13,445

 

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Government

Obaseki Beats Ize-Iyamu in His Local Government to Extend Lead

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Godwin Obaseki Wins Ize-Iyamu Local Government to Extend Lead

Governor Godwin Obaseki has won Orhionmwon Local Government Area to extend his lead over Pastor Osagie Ize-Iyamu of the All Progressives Congress.

Pastor Ize-Iyamu, who hails from Orhionmwon, won his polling unit but failed to win the entire council area as Obaseki wins again.

Orhionmwon was one of the two remaining local governments. Therefore, it now remains one local government area, Ovia South-West, with Obaseki cruising to victory following 17 LG counts.

Obaseki now has 295,296 votes while Ize-Iyamu has 212,983.

Obaseki is no expected to win Saturday’s governorship election after amassing massive votes across each of the 17 local governments counted.

The remaining local government, Ovia South-West has 73,909 voters, below the over 80,000 lead of Godwin Obaseki.

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Government

Obaseki, PDP Members Celebrate Potential Win in Situation Room

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Obaseki

Obaseki Celebrates With Other PDP Members in Situation Room

Following the strong positive support received from Edo people as shown by almost 90,000 vote gap received over Osagie Ize-Iyamu after 16 local government counts, the executive governor of Edo State, Gowin Obaseki, and the Peoples Democratic Party (PDP) members have started celebrating a potential win ahead of the two remaining local government results.

According to the results of the 16 local governments released by the Independent National Electoral Commission (INEC), Obaseki received 288,572 votes while the candidate of the All Progressives Congress, Pastor Osagie Ize-Iyamu, received 202,525 votes.

With just two local governments left to go, it is safe to say Obaseki has won this particular election again.

Pastor Osagie Ize-Iyamu contested against Governor Obaseki four years ago under the Peoples Democratic Party when Obaseki was the gubernatorial candidate of All Progressives Congress before he fell out with his godfather, Adams Oshiomhole.

If wins, Obaseki will be the first gubernatorial candidate to win two elections under the two major parties within four years and vice versa for Ize-Iyamu.

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