This was during the first debate session of the Nkafu Policy Institute organised in Yaounde on Thursday June 20.
For over two hours, experts advanced the pros and cons of development aid and economic freedom as the pat for Cameroon to take in its strides to emerge.
Dr. Hugue Nkoutchou, economic expert and Director at the Denis and Lenora Foretia Founation argued economic freedom is better for Cameroon because it favours “choice and competition.
“When you speak of choice and freedom, you speak of better quality and reduced cost. Economic freedom favours private ownership of property,” he said.
An environment that thrives in economic freedom creates a favourable condition for banks to offer loans to private business owners who can surety with their collateral like title deeds, he added.
On his part, Emmanuel Chesami of the standards and quality agency ANOR, said development aid help breed and maintain a sustainable relationship between nations.
Despite the fact that millions of dollars have been pumped into Africa as development aid, the continent still faces serious economic challenges but Mr. Chesami thinks that is not a reason to ignore the flow of foreign aid. He rather calls on those charged with managing the resources to channel them to the right quarters for appropriate use. Even China, Hong Kong, Thailand ….etc that are always cited as examples of strong economies have benefitted from development aid.
The debate on economic freedom versus development aid is timely given that the bill for Cameroon to ratify the Continental Free Trade Agreement has been tabled in parliament for adoption.
Dr. Hugues Nkoutchou will be guest on JDC TV to give his view on ACFTA and whether ratifying it would be beneficial to Cameroon’s economy.