The Hoover Institution’s Defining Ideas has an excellent piece from Terry Anderson and Shawn Regan on the topic.

Key point:

For the landowners who bear the costs of wildlife, the decision of whether to protect wildlife is a simple one: if it pays, it stays. The ban on hunting gives wildlife little or no economic value, causing rural Africans to view wildlife as a liability to be avoided rather than an asset to be protected. As a result, landowners have increasingly turned to agriculture instead of habitat protection, which decreases available habitat and increases the potential for human-wildlife conflicts.
In sharp contrast to Kenya, consider what has happened in Zimbabwe. In 1989, results-oriented groups such as the World Wildlife Fund helped implement a program known as the Communal Areas Management Programme for Indigenous Resources or CAMPFIRE. This approach devolves the rights to benefit from, dispose of, and manage natural resources to the local level, including the right to allow safari hunting. Community leaders with local knowledge about wildlife and its interface with humans help establish sustainable hunting quotas. Hunting then provides jobs for community members, compensation for crop and property damage, revenue to build schools, clinics, and water wells, and meat for villagers.