True this

\”Africa loses twice as much in illicit financial outflows as it receives in international aid,\” said Annan, in his foreword to the 120-page report.

And inflows of private capital vastly dwarf either of those two numbers.

Which is good, right? This is what we want? That capital flows to capital poor areas of the world?

4 thoughts on “True this”

  1. Bemused Bystander

    Hurray! Kofi’s back! I didn’t expect to see him again so soon after his failed peace plan for the Syrian civil war humiliated him.

  2. Were you one of the fortunate few with wealth in the average African paradise, would you not wish to have some of it for safe keeping, in country where its expropriation were not an almost dead cert?

    The ability of businessmen from poorly managed bits of the world, to hide a proportion of their wealth from rapacious predation, is a prerequisite for the development of said basket cases.

  3. The article is totally incoherent- par for the Guardian course! Was entertained by the idea that Equatorial Guinea was wealthier than Poland – an assertion so absurd that anyone who has visited Malabo and Warsaw will be able to refute it!

    Besides which, as Tim points out in numerous articles and entries here – an alternative exists – indeed it held sway for much of the immediate post colonial period. Rapacious Socialist governments, ably supported by the Richard Murphy’s and self -appointed ‘experts’ (Global Witness is mentioned in the link) of their era, pursued planned economies, often using Soviet backing to missal locate resources in the most horrendous fashion

    I’d pull resources out of those countries signing up to this – shut down the facilities in question and let the NGOs and transnational bureaucracies reindulge in those policies of yesteryear which proved so successful in the past. Tough luck on the Africans, mind but could again illustrate why Left wing economics are such a bad idea….

  4. So Much For Subtlety

    So when Kofi-s son Kojo imports car illegally to Africa, without paying duty on them, is that the sort of thing that impoverishes Africa?

    I think Mr Annan needs to let us know.

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