It’s a common misconception that Africa is a poor continent and need urgent financial assistance from wealthy nations in order to develop. In global stage Africa is treated not an ally or a partner, but a world’s victim. Africa has been on receiving end of all ‘charities’ and ‘aids’ from all around the world close to six decades now after independence of several nations. But come to the ground, no achievements from such donations, the poor are becoming poorer, the rich are becoming richer. We are misguided by double digits economic growth to countries such as Kenya, Ivory Coast, Angola, Ethiopia etc, but double digits economic growth to who?
Africa is not poor, there is so much looting by multinational corporations and banks here, globalist elites should try something different to say.
The Africa’s problems started during the trans-Atlantic slave trade, during which over 11 million Africans were shipped to America’s as slaves. And this is where most African histories are dated from. Before slave trade African history is unclear to majority, because most of the historians who gain global influence are not Africans or they are just Africans who happen to know nothing much about Africa’s history before slave trade. Colonialism followed slave trade, which was a way of another economic exploitation to replace slavery. Another set of economic exploitation was designed to replace actual colonialism which is today’s commonly known as neo-colonialism. According to Kwame Nkrumah this is supposed to be the last stage of colonialism.
Several campaign groups released report in 2017, showing that sub-Saharan Africa is a creditor to the rest of the world to more than $46 billion. There is money coming in Africa as a form of loans, remittances and aids which is a total of $161 billion a year.
But there is more than also $210 billion leaving this continent every year. Some of this is direct, such as $70 billion in mainly dodged taxes. “create a good environment for foreign investment to create jobs” is a common narrative.
There is the $30 billion that these corporations “repatriate”-profits they make in Africa but send back to their home countries, or elsewhere. The city of London is awash with profits extracted from the land and labour from Africa.
Wealth is being pulled out of Africa indirectly, an estimated of $ 29 billion a year is being stolen from Africa in illegal logging, fishing and trade in wildlife. $36 billion is owed to Africa as a result of the damage that climate will cause to our societies and economies as we are unable to use fossil fuels to develop in the way Europe did. The global climate crisis was not caused by Africans, but we Africans, will feel the effects most.
It is assumed that all wealth flowing to Africa is benefiting the people, but loans to governments and private sector ( at more than $ 50 billion) can turn into unpayable and odious debt.
Ghana is losing 30 percent of its government revenue to debt repayments, paying loans which were often made speculatively, based on commodity prices, and carrying whopping rates of interest. One particularly odious aluminium smelter in Mozambique, built with loans and aid money, is currently costing the country £ 21 for every £ 1 that the Mozambican government make.
Not only Africa is losing its enormous wealth to developed world through multinational corporations but also through rich Africans. In 2014 it was estimated that rich Africans were holding a massive $ 500 billion in tax havens. Africa’s people are effectively robbed of wealth by an economy that enables a tiny minority of Africans to get rich by allowing wealth to flow out of Africa.
While developed countries’ politicians are staging a strategy to loot this continent through their multinational corporations, Africa’s politicians are planning and cooperate with them (Europeans) to loot the same continent.