Financial Transparency Coalition

That Africa is poor is assumed, but rarely well explained. Generally, we—both in terms of those who study these issues and collectively as a society—have accepted the fact that Africa is underdeveloped. Yet this conclusion is neither forgone nor self-evident. Even more infuriating, it is often explained, but never sufficiently explained. That is, there are a lot of competing theories on the subject, but most fail to give a complete picture. Of course, it’s a complicated issue, so it makes sense that no one theory would prove universal. Yet, even with intense academic scrutiny, the picture is incomplete.

MARRAKECH, MOROCCO / WASHINGTON, DC – A new joint report by the African Development Bank (AfDB) and Global Financial Integrity (GFI), launched Wednesday at the 48th AfDB Annual Meetings in Marrakech, Morocco, reveals that the African continent has been a long-term net creditor to the rest of the world. The report finds that Africa suffered between US$597 billion and US$1.4 trillion in net outflows between 1980 and 2009 after adjusting net recorded transfers for illicit financial outflows.