Africa as I said earlier on, is a continent viewed by many, especially from developed world as a continent of beggars. It’s a common misconception that Africa is a poor continent and need urgent financial assistance from the wealthy nations in order to develop. The wealthy nations has been giving Africa financial aids close to six decades now but nothing seems to change so far, the poor are continuing to be poor, the wealthy the wealthier. We are misguided by double digits economic growth to countries such as Kenya, Ivory Coast, Angola, Ethiopia etc. The analysts of the same haven’t taken a foot to grassroots to observe the wanting economic hardship the common people goes through in the same countries they praise as economic hubs.
It’s the same stories all year round through mainstream media that Africa is poor and need charity appeals.
I want to make it clear, try something different, Africa is not poor, the fact is that, there is so much looting by multinational corporates.
The Africa’s problems started during the trans-Atlantic slave trade, during which over 11 million Africans were shipped to Americas as slaves. And this is where most African histories are dated. Before slave trade African history is unclear because most of the writers who gains global influence are not Africans or they are just Africans who happen to know nothing about Africa’s history before slave trade. Colonisation eventually followed, it was another economic exploitation which was set to replace slavery. Colonisation was cleverly renewed commonly known today as neo-colonialism.
Several campaign groups released report in 2017, showed that sub-Saharan Africa is a creditor to the rest of the world to more than $41 billion. And there is money coming in $161 billion a year in the form of loans, remittances (those working outside Africa and sending money back home), and aids.
But there is more than also $204 billion leaving this continent every year. Some of this is direct, such as $68 billion in mainly dodged taxes. The usual narratives is “create a good environment for foreign investment to your country to create jobs” but as you can see, the same multinational corporations steal much legally by pretending they are generating their wealth in tax havens.
Then there is the $30 billion that these corporations “repatriate”- profits they make in Africa but send back to their home country, or elsewhere to enjoy to their wealth. The city of London is awash with profits extracted from the land and labour of Africa.
Wealth is being pulled out of Africa indirectly, an estimates 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 that Europe did. The global climate crisis was not caused by Africans, but we will feel the effect more than most others.
It assumed that all wealth flowing in 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 high 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.
Africa too is losing an estimated amount of $71 billion through internal corruptions perpetrated by corrupt African politicians every year. This is the amount which can get rid of Africa’s poverty.
While developed countries’ politicians are staging a strategy of looting this continent through their multinational corporations, our politicians are planning on how to rob the same continent.
Africa is not poor, is that, we are being robbed in and out, day and night, legally and illegally.

1 thought on “AFRICA IS NOT POOR, THEY ARE STEALING OUR WEALTH

%d bloggers like this: