Africa is Plundered for Billions Each Year, Research Confirms.

Posted: May 25, 2017 in Uncategorized

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This study notes the neo-colonial role that Western governments and international organizations have in promoting economic models that fuel poverty.

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Mineworkers take part in a march at Lonmin

The study notes the neo-colonial role that Western governments and international organizations have in “pushing economic models that fuel poverty.”

Underdeveloped, or overexploitated? Against the narrative that Western aid “helps” poverty in Africa, a new study shows that the pillaging of Africa by Western economic interests is still the major source of poverty. A coalition of UK and African-based development campaign groups published research on Wednesday that indicates that Africa has an annual financial deficit of over US$40 billion in capital leaving the continent each year, the Guardian reported.

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The research claims that approximately US$203 billion flowed out of the country in 2015 in the form of repatriated profits of multinational corporations, money moved into tax havens, and costs imposed by climate change adaptations. This massive outflow of capital from the historically colonized continent far exceeds that which flows into it, which according…

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Comments
  1. Stu, they are whitewashing the extent of the fraud; from our Reports page;

    ILLICIT FINANCIAL FLOWS FROM AFRICA:
    HIDDEN RESOURCE FOR DEVELOPMENT
    In December 2008 Global Financial Integrity released its groundbreaking analysis of Illicit Financial Flowsfrom Developing Countries: 2002 – 2006. We estimated such flows at $859 billion to $1.06 trillion a year.

    70% of all corporate taxes are siphoned into tax havens; this is why we are calling for a Truth & Reconciliation Commission; the problem is, if what was stolen is returned, the west would have to be foreclosed; in peace

  2. Good summary, Schluter. Thanks for the link.

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