Honest Accounts? The True Story of Africa’s Billion Dollar Losses
Report for Health Poverty Action, War on Want, World Development Movement, Jubilee Debt Campaign and others (July 2014)
This report is a first comprehensive attempt to measure the financial flows in and out of sub-Saharan Africa. It shows that Africa is being drained of resources, losing far more each year than it receives. While $134 billion flows into the continent each year (mainly in the form of loans, foreign investment and aid) $192 billion is taken out (mainly in profits repatriated by multinational companies, tax dodging and the costs of adapting to climate change). The result is that Africa suffers a net loss of $58 billion a year. Thus the idea that we are aiding Africa is flawed; it is Africa that is aiding the rest of the world. While we are led to believe that aid from the UK and other rich countries is a mark of our generosity, the research shows that wealthy countries benefit from many of Africa’s losses.