Download Africa's Odious Debts: How Foreign Loans and Capital Flight by Léonce Ndikumana,James K. Boyce PDF

By Léonce Ndikumana,James K. Boyce

In Africa's Odious money owed, Boyce and Ndikumana display the surprising undeniable fact that, opposite to the preferred belief of Africa being a drain at the monetary assets of the West, the continent is really a internet creditor to the remainder of the realm. the level of capital flight from sub-Saharan Africa is amazing: greater than $700 billion some time past 4 many years. yet Africa’s international resources stay deepest and hidden, whereas its overseas accounts are public, owed by means of the folk of Africa via their governments.

Léonce Ndikumana and James okay. Boyce display the intimate hyperlinks among international loans and capital flight. Of the cash borrowed by means of African governments in fresh a long time, greater than part departed within the similar yr, with a good portion of it completing in inner most debts 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 on hand for public future health and different wishes. Controversially, the authors argue that African governments may still repudiate those ‘odious bills’ from which their humans derived no profit, and that the foreign neighborhood may still help in this effort.

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

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