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"China Can Transform Africa" - Economist

"China Can Transform Africa" - Economist

Zambian economist Dambisa Moyo is an outspoken critic of international aid, arguing for years that foreign handouts stifle Africa's development, perpetuate corruption and hinder the continent's growth.

A New York Times bestselling author, Moyo first grabbed international headlines with her 2009 book "Dead Aid: Why Aid is Not Working and How There is a Better Way for Africa."

Since then, she's penned two more books, on the subject of the decline of the West, and the effects of China's commodities rush.

In a new interview with CNN's Robyn Curnow, Moyo explains why she's optimistic about the future of Africa. She looks at the positive impact that China can have on the continent and details the key drivers that will spur Africa's economic growth. 

CNN: The aid debate is so different from before ...

Dambisa Moyo: So much has happened in the last five years - whether you're in Africa, South America or Asia, nobody talks about aid anymore. Policy makers themselves are going out and issuing debts in the market. My own country, Zambia, did a fantastic bond, a $750 million 10-year bond, last September. The discussion is so much more about job creation and investment, which is such a fantastic story and it's obviously partly to do with the fact that the traditional donors are having a financial problem, fiscal problem, on their balance sheets. They just don't have the capital anymore to hand out cash like they did in the past.

CNN: The Chinese story has been thrown into the mix, has that changed the landscape?

Dambisa Moyo: Yes, absolutely, but in a strange way it's exactly what we need in terms of delivering economic growth and meaningfully reducing poverty. We need jobs, we need investment, we need trade, we need foreign direct investment, whether investment domestically but also from the outside. It's not some magic pill, everybody knows that this is the formula, and finally the Chinese are showing up, again, not just in Africa, but around the world with that elixir, that mix of opportunities to really transform these countries. Remember, 70% of the populations of these places is under the age of 24. There is no escape: we have to create jobs.

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