Africa’s Odious Debts documents the flight of $735 billion (in constant 2008 dollars) from sub-Saharan Africa from 1970 to 2008. Most of this disappeared into financial sinkholes; recorded African deposits in Western banks amounted to less than 6 per cent of this amount. To put Africa’s capital hemorrhage into perspective, the total foreign debt of the same countries stood at $177 billion at the end of 2008. In this sense Africa is a net creditor to the rest of the world: its external assets ...read more [4]
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[3] https://www.pambazuka.org/taxonomy/term/7211
[4] https://www.pambazuka.org/print/70948
[5] https://www.pambazuka.org/taxonomy/term/3277
[6] http://www.pambazuka.org/en/category.php/publications/72798