Africa's Odious Debts: How Foreign Loans and Capital Flight by Léonce Ndikumana,James K. Boyce

By Léonce Ndikumana,James K. Boyce

In Africa's Odious accounts, Boyce and Ndikumana exhibit the surprising incontrovertible fact that, opposite to the preferred conception of Africa being a drain at the monetary assets of the West, the continent is basically a internet creditor to the remainder of the realm. the level of capital flight from sub-Saharan Africa is notable: greater than $700 billion some time past 4 a long time. yet Africa’s international resources stay inner most and hidden, whereas its overseas bills are public, owed by way of the folks of Africa via their governments.

Léonce Ndikumana and James okay. Boyce show the intimate hyperlinks among international loans and capital flight. Of the money borrowed by means of African governments in fresh many years, greater than part departed within the related yr, with a good portion of it finishing up in inner most debts on the very banks that supplied the loans within the first position. in the meantime, debt-service funds proceed to empty scarce assets from Africa, slicing into cash to be had for public health and wellbeing and different wishes. Controversially, the authors argue that African governments may still repudiate those ‘odious bills’ from which their humans derived no gain, and that the overseas neighborhood may still help in this effort.

A important ebook for someone attracted to Africa, its destiny and its courting with the West.

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