CityPress - - Business -

Africa lost $102 bil­lion (R1.3 tril­lion) in 2015 in il­licit fi­nan­cial out­flows and other il­le­gal ac­tiv­i­ties, ac­cord­ing to the Hon­est Ac­counts 2017 re­port.

The re­port was put to­gether by a num­ber of non­govern­men­tal or­gan­i­sa­tions, in­clud­ing Global Jus­tice Now, Jubilee Debt Cam­paign and Ground­work.

“We find that coun­tries in Africa were col­lec­tively net cred­i­tors to the rest of the world to the tune of $41.3 bil­lion in 2015. Thus much more wealth is leav­ing the world’s most im­pov­er­ished con­ti­nent than is en­ter­ing it.”

African coun­tries re­ceived $161 bil­lion in 2015, which was mainly loans, per­sonal re­mit­tances and aid in the form of grants.

“Yet $203 bil­lion was taken from Africa, ei­ther di­rectly – mainly through cor­po­ra­tions repa­tri­at­ing prof­its and by il­le­gally mov­ing money out of the con­ti­nent – or by costs im­posed by the rest of the world through cli­mate change,” the re­port said.

“The fig­ures show that the rest of the world is prof­it­ing from the con­ti­nent’s wealth – more so than most African cit­i­zens.”

The re­port said that multi­na­tional com­pa­nies ex­ported com­modi­ties such as minerals from African coun­tries and that their gov­ern­ments of­ten ben­e­fited only marginally, re­ceiv­ing very lit­tle tax rev­enue from those com­pa­nies.

“Money is leav­ing Africa partly be­cause Africa’s wealth of nat­u­ral re­sources is sim­ply owned and ex­ploited by for­eign, pri­vate cor­po­ra­tions,” the re­port said.

Justin Brown –

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