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- Sep 17, 2016
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More wealth leaves Africa every year than enters it - by more than $40bn (£31bn) according to research that challenges "misleading " perceptions of foreign aid.
Analysis by a coalition of UK and African equality and development campaigners including Global Justice Now, published on Wednesday, claims the rest of the world is profiting more than most Africa citizens from the continents wealth. It said African countries received $162bn in 2015, mainly in loans, aid and personal remittances.
But the same year, $203bn was taken from the continent, either directly through multinationals repatriating profits and illegally moving money into tax havens, or by costs imposed by the rest of the world through climate change adaptation and mitigation.
The reports points out that Africa has considerable riches. South Afrca's potential mineral wealth is estimated to be around $2.5trillion, while the miners reserves of the Democratic Republic of the Congo are thought to be worth $24 trillion. However, the continent natural resources are owned and and exploited by foreign, private corporations, the report said.
Sources: The guardian 24/05/2017
Analysis by a coalition of UK and African equality and development campaigners including Global Justice Now, published on Wednesday, claims the rest of the world is profiting more than most Africa citizens from the continents wealth. It said African countries received $162bn in 2015, mainly in loans, aid and personal remittances.
But the same year, $203bn was taken from the continent, either directly through multinationals repatriating profits and illegally moving money into tax havens, or by costs imposed by the rest of the world through climate change adaptation and mitigation.
The reports points out that Africa has considerable riches. South Afrca's potential mineral wealth is estimated to be around $2.5trillion, while the miners reserves of the Democratic Republic of the Congo are thought to be worth $24 trillion. However, the continent natural resources are owned and and exploited by foreign, private corporations, the report said.
Sources: The guardian 24/05/2017