Africa is usually perceived as a net beneficiary of the global financial system, with aid and investment flowing to the continent from richer parts of the world, but this is simply not true. Illicit capital flight is draining Africa dry – having cost the continent about one trillion dollars over the last 50 years.
DAKAR – Africa is usually perceived as a net beneficiary of the global financial system, with aid and investment flowing to the continent from richer parts of the world. This is simply not true. Illicit capital flight is draining Africa dry – costing the continent about one trillion dollars over the last 50 years, according to a high-level panel chaired by former South African president Thabo Mbeki. More money, it turns out, flows out of Africa than into it.
DAKAR – Africa is usually perceived as a net beneficiary of the global financial system, with aid and investment flowing to the continent from richer parts of the world. This is simply not true. Illicit capital flight is draining Africa dry – costing the continent about one trillion dollars over the last 50 years, according to a high-level panel chaired by former South African president Thabo Mbeki. More money, it turns out, flows out of Africa than into it.