‘There’s such a powerful narrative in Western societies that Africa is poor … what African countries really need is for the rest of the world to stop systematically looting them’
Africa ‘subsidises’ the rest of the world to the tune of $41bn (£32bn) a year, according to a new analysis of the amount of money flowing in and out of the continent.
The Honest Accounts 2017 report by Global Justice Now, the Jubilee Debt Campaign and other groups estimated the total amount going into sub-Saharan Africa at $161.6bn, while the total amount going out was put at $202.9bn.
The outflows included debt repayments by governments and the private sector, multinational company profits, the ‘brain drain’ effect, illegal logging, fishing and poaching, and costs associated with climate change, a problem largely caused by Europe, America and other developed countries.
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