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By Léonce Ndikumana,James K. Boyce

In Africa's Odious bills, Boyce and Ndikumana exhibit 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 absolutely a internet 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 a long time. yet Africa’s international resources stay deepest and hidden, whereas its international bills are public, owed by way of 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 cash borrowed by way of African governments in fresh many years, greater than part departed within the related yr, with a good portion of it completing in deepest 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 cash on hand for public future health 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 foreign neighborhood may still help in this effort.

A important publication for somebody drawn to Africa, its destiny and its courting 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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