U.S. Run South African Fund Collapses
Black Enterprise Magazine September/October 2018 Issue

andrew youngHere’s a cautionary tale about mismanagement and unchecked corruption:

The New York Times reports that the Southern Africa Enterprise Development Fund, a post-apartheid initiative started two decades ago, has collapsed because of mismanagement, insider dealings and lack of federal oversight.

Fund officials are said to be fighting over money. Public filings from the organization indicate the fighting could cost American taxpayers tens of millions of dollars, the Times reports.

Led by the American civil rights leader Andrew Young, the troubles the fund has experienced validates the concerns of some conservatives, who think the U.S. has overextended itself in the foreign aid department.

The United States Agency for International Development, the federal agency that financed the fund, helped disburse more than $40 billion in foreign assistance, with a $1.6 billion operating budget.

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Aaron Morrison

Aaron Morrison is an award-winning New York area-based multimedia journalist with a B.A. in Journalism from San Francisco State University. Aaron uses video, audio, photography, the web and social networks to tell captivating stories across all media platforms. Over the last year, Aaron has worked as a general assignment reporter for the Daily Record (Gannett) in northern New Jersey. Before that, he spent the spring of 2010 as the temporary legislative relief reporter for The Associated Press' statehouse bureau in Trenton, N.J. In his down time, Aaron enjoys the company of his friends and extended family. He is a fan of culinary arts and dreams of having a home kitchen so tricked out that Julia Child turns over in her grave.


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