In a groundbreaking report, various campaign groups reveal that sub-Saharan Africa is, in fact, a net creditor to the rest of the world, with over $41 billion leaving the continent. Despite $161 billion flowing in through loans, remittances, and aid, an alarming $203 billion exits Africa.
This includes $68 billion in evaded taxes by multinational corporations, constituting about 6.1% of the continent's GDP. Additionally, corporations repatriate $30 billion in profits, further draining Africa's resources. Illegal logging, fishing, wildlife trade, and climate change repercussions contribute to an annual loss of $29 billion and $36 billion, respectively.
The report challenges the prevailing narrative, urging a shift in thinking to address these exploitative financial dynamics.
Source: Aljazeera
