Africa loses massive financial resources, about US$50 billion each year through illicit activities of multinational companies and rich individuals. These resources, if retained in the continent,could be invested in productive sectors of these economies to lift Africa's growing population from under-development and poverty.According to the African Union/Economic Commission for Africa High Level Panel on Illicit Financial Flows from Africa report,the continent lost about one trillion dollars (US$1 trillion) between 1980 and 2008.
NEWS & ANALYSIS
(South Africa, June 2) Africa was cheated out of US$11 billion in 2010 through just one of the tricks used by multinational companies to reduce tax bills, according to a new Oxfam report, ‘Africa: Rising for the few https://www.oxfam.org/
sites/www.oxfam.org/files/ world_economic_forum_wef. africa_rising_for_the_few.pdf,’ released today. This is equivalent to six times the amount needed to plug the healthcare funding gap in Ebola affected countries of Sierra Leone, Liberia, Guinea and Guinea Bissau.
Oxfam’s findings come as African political and business leaders get set to attend the 25th World Economic Forum Africa in South Africa.