Africa Isn’t Poor – We’re Stealing Its Wealth

That’s the essence of a report (pdf) from several campaign groups released today. Based on a set of new figures, it finds that sub-Saharan Africa is a net creditor to the rest of the world to the tune of more than $41bn. Sure, there’s money going in: around $161bn a year in the form of loans, remittances (those working outside Africa and sending money back home), and aid.

But there’s also $203bn leaving the continent. Some of this is direct, such as $68bn in mainly dodged taxes. Essentially multinational corporations “steal” much of this – legally – by pretending they are really generating their wealth in tax havens. These so-called “illicit financial flows” amount to around 6.1 percent of the continent’s entire gross domestic product (GDP) – or three times what Africa receives in aid.

OPINION: Africa’s natural resources – From curse to a blessing
There are also more indirect means by which we pull wealth out of Africa. Today’s report estimates that $29bn a year is being stolen from Africa in illegal logging, fishing and trade in wildlife. $36bn is owed to Africa as a result of the damage that climate change will cause to their societies and economies as they are unable to use fossil fuels to develop in the way that Europe did. Our climate crisis was not caused by Africa, but Africans will feel the effect more than most others. Needless to say, the funds are not currently forthcoming.

via Africa is not poor, we are stealing its wealth | Corruption | Al Jazeera

 

via Africa is not poor, we are stealing its wealth

13 thoughts on “Africa Isn’t Poor – We’re Stealing Its Wealth

  1. Pingback: Africa Isn’t Poor – We’re Stealing Its Wealth — The Most Revolutionary Act – colouredjustice.wordpress.com

  2. The awareness in the subject is extremely important. These numbers and information is known to all for many years now. the fact that the majority of the people in the west choose to ignore it, is part of the fundamental problems that drive our global civilization to its horrible state of those days. If someone would like to have more information in the subject, I will recommend a wonderful book called the looting machine. Her is a link – https://backtoourselves.org/recommended-readings/ . please continue to spread awareness. Thank you for your post

    Like

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