Khanyo Olwethu Mjamba
THIS IS AFRICA - July 16, 2014
Foreign developed nations often wax lyrical about their generous donations of aid to Africa. But a coalition of UK and African researchers has released research findings that illustrate how the continent actually loses over six times the amount it receives in aid.
As we often watch wealthy countries heap on themselves and each other generous portions of praise for helping ‘needy’ countries and using their donations to accelerate development in impoverished regions so as to end poverty, another scenario is playing itself out. This scenario is rarely reported. Africa, the receiver of $30 billion in annual monetary handouts, is not only making nothing from the aid it receives but it actually loses $192 billion to the rest of the world within the same time frame. How, you ask? Research published recently indicates that current practices within the continent tend to favour wealthy countries. These practices include tax dodging, the repatriation of multinational companies’ profits with their unjust trade policies, the costs incurred from climate change and the exodus of skilled workers.
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