EFECTS OF FOREIGN AID ON NATIONAL DEVELOPMENT
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Despite the fact that Cameroon has been receiving hundreds of billions of dollars of foreign aid since the 1960s, still, the impact of foreign aid on economic growth of Cameroon has been negligible and most of its population is still living below the poverty line. National development is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Since the independence of Cameroon in 1960, the inflow of foreign aid (FA) has accounted for a substantial part of the overall economy.The role of foreign aid in promoting economic growth and improving the social welfare of people has been the subject of much debate among development specialists, researchers, aid donors as well as recipients in general and Cameroon in particular.
The results show that foreign aid significantly contributes to the current level of economic growth but has no significant contribution to economic development. The findings imply that Cameroon could enhance its economic development by effectively managing funds from aid and by strategically strengthening anti-corruption measures.The rate of development seems misaligned with the level of foreign aid provided to the country. Cameroon is becoming aid dependent, a fact causing negative consequences both economically and politically. Thus, the objective of this study is to investigate the effects of foreign aid on national development of Cameroon. And the research question is: Is there any effect of foreign aid on national development of Cameroon?
My findings indicate that aid is ineffective at promoting development in Cameroon. Cameroon should start working on reducing the dependency on foreign aid and focus on encouragement of foreign direct investments.The main barriers, such as corruption, insecurity and bad governance that each contribute to the ineffectiveness of aid, should be comprehensively addressed through full implementation of Cameroon National Strategy for Anti-Corruption