New Report Shows Corporations and Western Governments Continue to Profit From Looting of Africa
A recent report published by a coalition of African and British social justice organizations lays bare the truth that foreign corporations and wealthy governments continue to profit from the looting of the world’s most impoverished continent.
In 2015, the year the most recent data is available, African nations received $162 billion in aid, loans, and remittances. At the same time, $203 billion was taken from these nations through resource extraction, debt payments, and illegal logging and fishing.
“We find that the countries of Africa are collectively net creditors to the rest of the world, to the tune of $41.3 billion in 2015,” explain authors of the report, titled How the World Profits from Africa’s Wealth.
“There’s such a powerful narrative in Western societies that Africa is poor and that it needs our help,” explained Aisha Dodwell, a campaigner with Global Justice Now, one of the organizations that authored the report.
“This research shows that what African countries really need is for the rest of the world to stop systematically looting them,” Dodwell said. “While the form of colonial plunder may have changed over time, its basic nature remains unchanged.”
However, Africa’s wealth underground is extensive. In 2015, African nations exported some $232 billion worth of minerals and oil to the rest of the world, South Africa contains an estimated $2.5 trillion in mineral wealth, and the Democratic Republic of the Congo (DRC) holds an estimated $24 trillion in untapped mineral reserves.