This article makes for very interesting reading.
In January 2014, 14 African countries were still paying to France a “colonial debt”, a duty legalised through post-colonial agreements, and meant as a tax for the infrastructure and the other benefits those countries got from French colonisation.
Seriously? Are you kidding me?
According to this article, available data shows how sub-Saharan Africa is being drained of resources by the rest of the world, losing far more each year than it is receiving.
Did you know that for every $1 of aid received, developing countries lose $24 in net outflows? Total net resource outflows from developing to developed countries accounts to about $3tn per year, that is approximately 24 times more than the global aid budget.
While about $161.6bn flows into the continent each year, in the form of loans, foreign investment and aid, some $202.9bn are taken out. The result is that the region suffers a net loss of $41.3bn a year.
Rich countries need to genuinely support the global South in fighting illegal trade practices and corruption, backing institutional reforms to enabling real investments, enhancing tax collection, enforcing anti-bribery rules and improving natural resources governance.
Read the full article at: How We Made It In Africa