' Illicit capital flowing out of Africa often benefits foreign investors'
by Antonio Macheve Junior
Summary:
The US-Africa Summit built enormous expectations for the development of Africa,
particularly in what concerns trade relations, investments and business between
African nations and the US.
While American businesses will invest $33 billion in Africa, it is not known how
much of the profits will fly back to the US without benefiting local economies,
especially the people at the bottom.
In 2011, nearly $77 billion flowed illicitly out of Africa; huge outflows have
occurred ever since the continent has had economic ties with the rest of the
world.
Some companies investing in Africa do not pay what is due according to local
fiscal regimes, furthering corruption and thwarting chances of reaching
Africa's most crucial development goals.
You may read the full text version of this article at:
http://naiforum.org/2014/08/illicit-capital-flowing-out-of-africa-often-benefits-foreign-investors/
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