By Léonce Ndikumana,James K. Boyce

In Africa's Odious bills, Boyce and Ndikumana display the stunning indisputable fact that, opposite to the preferred notion of Africa being a drain at the monetary assets of the West, the continent is basically a web creditor to the remainder of the realm. the level of capital flight from sub-Saharan Africa is notable: greater than $700 billion long ago 4 many years. yet Africa’s overseas resources stay deepest and hidden, whereas its international accounts are public, owed via the folks of Africa via their governments.

Léonce Ndikumana and James ok. Boyce exhibit the intimate hyperlinks among international loans and capital flight. Of the money borrowed by means of African governments in contemporary a long time, greater than part departed within the comparable yr, with a good portion of it polishing off in inner most bills on the very banks that supplied the loans within the first position. in the meantime, debt-service funds proceed to empty scarce assets from Africa, slicing into money to be had for public health and wellbeing and different wishes. Controversially, the authors argue that African governments may still repudiate those ‘odious money owed’ from which their humans derived no profit, and that the overseas group may still help in this effort.

A important publication for someone drawn to Africa, its destiny and its dating with the West.

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Africa's Odious Debts: How Foreign Loans and Capital Flight Bled a Continent (African Arguments) by Léonce Ndikumana,James K. Boyce


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