Africa Losses US$50 Billion Yearly

Since 2000, foreign multi-national corporations and their associates have illicitly siphoned more than US$50 billion out of Africa every year.

This adds up to more than US$750 Billion.

Dr. Gamel Nasser Adam of the Modern Languages Department of the University of Ghana made this disclose in a Founder’s Day Lecture he delivered at the Accra International Conference Center.

He gave his source as a United Nations Economic Commission for Africa Report.

According to him “the exploitation of our continent has continued to intensify over the decades through the criminal manipulation of the international trade and accounting systems.”

Dr. Nasser said the amount of money or resources siphoned out of Africa is approximately double the so-called official development assistance that Africa supposedly receives.

He said “Professor Akilagpa Sawyer’s work on renegotiation of some mining contracts in Ghana here is showing the extent of the rape of our natural resources.

“Therefore if African youth are moving to Europe in droves it is because they have legitimate claims to the wealth there because it is wealth largely stole from Africa.”