Pan Africanism : 40% African Wealth in Foreign Banks

Discussion in 'Black History - Culture - Panafricanism' started by Isaiah, Oct 5, 2005.

  1. Isaiah

    Isaiah Well-Known Member MEMBER

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    40% African Wealth in Foreign Banks


    October 4, 2005
    Posted to the web October 5, 2005
    Kingsley Nwezeh
    Paris

    Lack of development that bedevilled African countries was tied to the stashing away of over 40 percent of the continent's wealth in foreign banks by African leaders, a situation that has stalled the progress of the New Economic Partnership for Africa's Development (NEPAD).

    Speaking at the French Ministry of Foreign Affairs in Paris, Professor Phillipe Hugon, researcher at the French Institute for International and Strategic Relations and consultant to the World Bank, United Nations Economic Scientific and Cultural and Organisation (UNESCO) and European Commission (EC) said the movement of funds to foreign countries is affecting the Public Private Partnership (PPP) mechanism enshrined in the NEPAD initiative and thereby stalling the development of the continent.


    40 percent of Africa' funds is placed in European and American banks. It has to be repatriated back to Africa to meet the challenge of reconstruction. NEPAD requires public and private capital.

    Non African capital comes into Africa while African capital do not go into Africa. Private capital cannot be invested alone in poverty-stricken Africa, it must be supported by public funds. You have no African investments in Africa? he said.

    He said the amount also included dividends and other profits multinational companies made available to leaders and private individuals "who rely more on the Swiss (banks) system than in Africa."



    Click on web address for more of this interesting story

    http://allafrica.com/stories/200510050057.html



    Click on web address for more of this interesting story...



    Peace!
    Isaiah
     
  2. Sekhemu

    Sekhemu Well-Known Member MEMBER

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    it's business as usual. No suprises here.
     
  3. panafrica

    panafrica Well-Known Member MEMBER

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    No there are no surprises there! That most of Africa´s resources are not being used for the benefit of the people are a given. New leadership and the decrease of dependance on Europe would work wonders for the continent.
     
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