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Business News of Tuesday, 4 February 2025

    

Source: www.ghanawebbers.com

IMANI’s Franklin Cudjoe weighs in on Trump’s USAID funding cut threat

Franklin Cudjoe, Founding President of IMANI Africa Franklin Cudjoe, Founding President of IMANI Africa

Franklin Cudjoe, Founding President of IMANI Africa, has commented on U.S. President Donald Trump's threat to dismantle USAID, calling for a review of the global aid system.

He argued for aid reform, focusing on trade, skills training, and technology transfer, rather than scrapping it entirely. Cudjoe criticized the inefficiency and waste in the aid system, noting that significant portions are consumed by middlemen and administrative costs.

He referenced economist Jeffrey Sachs and Rwandan President Paul Kagame's critiques of aid, pointing out that much of the funds do not directly benefit the poor.

Cudjoe further emphasized that African leaders should focus on structural economic reforms, promoting free markets and improving legal systems to unlock Africa’s entrepreneurial potential, rather than relying on aid.