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Article

23 Oct 2013

Author:
Winnie Byanyima, in The Huffington Post

Capturing Africa's Missing Billions and Making It Work for Its People

...[How] is it that many of Africa's countries fall among the lowest in global rankings of economic growth, despite exports of minerals, oil and gas from Africa worth roughly seven times the value of international aid to the continent? Africa...[loses] more than $60 billion of all its wealth each year...[through] corporate tax havens...mazes of shell companies, tax evasion...and...dodgy dealings...robbing poor African countries of much needed revenue to tackle poverty and foster sustainable development...I'm optimistic that all this mineral wealth could be realised for the benefit of ordinary African citizens because there is now political progress being made -- slow maybe, but real, in capitals, in regions, and...in Washington and Brussels too...Multinational companies and rich countries have often pursued self-interested policies to the detriment of African people. Ensuring that Africa's mineral potential...work for the people of Africa requires a new approach, both inside and outside of Africa. [refers to Lehman Brothers]