Tax Havens Robbing Africa of $60bn over 10 years

by Developed Africa 21. May 2014 09:00

The loss of $60bn was just from 5 African countries, the transparency report from the group Global Financial Integrity tells us. 

After last weeks post about how African nations would have access to more tax revenues if tax systems were to change to stop businesses from avoiding tax, we see a report that highlights just how much the continent is losing. This $60bn figure that is the headline of a lot of stories in the news at the moment, is not even for the whole of the continent, it is the money lost from trade misinvoicing in just 5 African nations: Ghana, Kenya, Mozambique, Tanzania, and Uganda.

Washington-based group Global Financial Integrity said the "enormous amounts of money" drained out of the countries equates to more than double the international aid money they receive and is stymieing efforts to lift millions of people out of poverty."

The prominent notion that needs to come from this information is just how restricting and detrimental it is to the development of African nations, and it is hampering people's escape from poverty. 

Campaigns are underway to encourage rich countries to end tax havens:

 

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