Sub-Saharan Africa, where much of the population lives on less than a dollar a day, continues to be one of the largest recipients of foreign aid since the Marshall Plan. Yet incomes, life expectancy, and literacy (among other things) don’t appear to be improving the way we’d think that they would. Humanitarian aid, charity contributions, and government loans or grants are being flooded into the area in hopes to improve the situation. Is the situation really improving though? Is foreign aid really working?

Microfinance means much more than simply the lending of money. Originating from a movement that envisioned a world in which low-income households had access to financial services previously only accessible to those with higher incomes, it provides small businesses and micro-entrepreneurs with access to a variety of different financial services, including credit, insurance, training, and remittances, amongst others.

How important is it to develop the African continent, its nations and its people? What are some of the unknown obstacles in doing so? Do we as people in the developed world feel as if we have a stake and a responsibility in doing so?
 

Microfinance does not have a single definition that can be given, but rather a series of characteristics that we tend to attribute to it. Microfinance generally includes the following: Small loans given to those with low income (sometimes for entrepreneurial activity) and mobilization of savings. Most MFIs (Microfinance Institutions) target the “poor” population and provide their services to women; both groups have limited or no access to traditional financial institutions so MFIs are sometimes their only means of obtaining loans and storing their savings.  

Globally, countries are grappling with the challenges of unemployment.  Everywhere, people are looking for greater and more opportunities. I had the opportunity to hear about this first hand during my trip, earlier this year. The youths and young adults that I talked with were very interested in hearing about the possibilities of us expanding and providing more training options.  They wanted to know about additional opportunities. 
 

Over the past few months there has been much tribulation for the global markets, especially in the Western countries. There were fears that the United States was heading for another recession and I couldn’t help but wonder what will happen to Africa? Is this the time for Africa to finally stand up for itself? 

The world made a mistake by overrating the US Dollar and thinking it was invincible. Many nations leaned on the US for support but with what has happened I wonder what will happen to these countries, will they take a deep plunge?

You know the saying, give a man a fish and feed him for a day, teach a man to fish and you feed him for a lifetime. That applies to Africa. Africa’s efforts to be sustainable have been a challenge. Over the years many organizations have been implemented in Africa but very few focus on economic development.