Africa, the World’s leading creditor

The huge continent of Africa has been exploited, robbed and cruelly harmed for centuries. Yet we humans originated and evolved in that life giving landscape before the nomadic migrations to explore other lands.

Yet I read Africa is in debt, like most countries of the world. See:

https://developmentreimagined.com/2022/09/26/africandebtcrisisrealstory/

Back in 2017 a documentary was made which explains how money flows away through illicit means from countries who would otherwise be in credit. I just watched that documentary on Netflix:

Spider’s Web: Britain’s Second Empire. 2017 | PG | 1h 17m | True Crime Documentaries. As the British Empire declines, the London banking network creates a corrupt, obscure web of offshore wealth — with a lasting impact on the world today.”

https://www.netflix.com/gb/title/81467124

It explained the creation of the secretive second British Empire, the inner sanctum of the City of London.

I then found other written material on the Internet, and I picked out details relevant to Africa:

“Thus, “20 to 30 per cent of private wealth in many African countries is held in tax havens” and there were “almost 5,000 individuals from 41 African countries with assets of about $6.5 billion” in offshore bank accounts in 2015. In both cases, this type of major corruption is enabled by the (lack of) action of major powers.

The OECD (Organization for Economic Co-operation and Development), which has its headquarters in Paris, is meant to fight offshore tax havens, yet none of its 38 members is African. [3] Regarding offshore bank accounts, the Tax Justice Network has shown that 10 of the most financially secretive countries fighting to defend bank secrecy practices are all major powers. Amongst them we can find the Cayman Islands, the USA, Switzerland, Hong-Kong and even Luxembourg, Japan and the Netherlands. [4] Numerous scandals these past few years – including Offshore LeaksLuxembourg LeaksSwiss LeaksMauritius Leaks [5], and Luanda Leaks (implicating Isabel dos Santos, the daughter of ex-President of Angola from 1979 to 2017) [6] – have provided evidence that IFFs and “major corruption” are organized “at the top” and have their headquarters in cities in the richest countries, such as New York, London, Paris, Berlin, and Tokyo.”

https://www.cadtm.org/Illicit-Financial-Flows-Africa-is-the-world-s-main-creditor

African people have not contributed to climate change in any major way, yet they suffer the impacts such as drought, resulting in famine, more than other continents. Without the outflows of their wealth being stolen, they could, potentially, coordinate a massive support for their fellow Africans. It seems the rest of the world benefits from their misery.

Zimbabwe
South Sudan
Somalia
The adverse weather conditions have only worsened since 2018

About borderslynn

Retired, living in the Scottish Borders after living most of my life in cities in England. I can now indulge my interest in all aspects of living close to nature in a wild landscape. I live on what was once the Iapetus Ocean which took millions of years to travel from the Southern Hemisphere to here in the Northern Hemisphere. That set me thinking and questioning and seeking answers. In 1998 I co-wrote Millennium Countdown (US)/ A Business Guide to the Year 2000 (UK) see https://www.abebooks.co.uk/products/isbn/9780749427917
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