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There is a general consensus among development economists and policymakers that foreign aid plays a very important role in the promotion of economic growth and development in low-income countries. Foreign aid is perceived as a means to fill the gap between the development financing needs and actual domestic resources available for the promotion of economic growth and development in poor countries (Easterly 2005; and Wako 2011). The economic importance of foreign aid is reflected in the fact that official aid inflows remain an important source of development finance for a large number of countries in sub-Saharan Africa. For many low-income countries in the region, including those from West Africa, official aid inflows constitute virtually all of the total financial inflows to the region (IMF 2010).
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