Honest Accounts – the True Story of Africa’s billion dollar losses

Some organisations involved in the Progressive Development Forum alongside a number of African partners recently published the report ‘Honest Accounts’ This report, briefing and animation (below) quantifies the resource flows in and out of sub Saharan Africa, across a wide range of areas. It shows that inflows on $134 per year compared to outflows of $192 leaving a $58 billion dollar net loss each year.

Africa is losing:
• $46.3 billion in profits made by multinational companies
• $21 billion in debt payments, often following irresponsible loans
• $35.3 billion in illicit financial flows facilitated by the global network of tax havens
• $23.4 billion in foreign currency reserves given as loans to other governments
• $17 billion in illegal logging
• $1.3 billion in illegal fishing
• $6 billion as a result of the migration of skilled workers from Africa

In addition to these resource flows Africa is forced to pay a further:
• $10.6 billion to adapt to the effects of climate change that it did not cause
• $26 billion to promote low carbon economic growth

This provides a challenge to the idea that we are generously ‘aiding’ Africa and demands action on the structural causes of poverty. We also have a manifesto action targeting party leaders calling for ‘honest accounts’ of our financial relationship with Africa which you can take here.

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