News and Ideas (5)
TrustAfrica works to advance equitable economic development in Africa. Our work seeks to address economic injustices at national and global levels. To this end, we advocate for the reform of national, regional, and global economic institutions, rules, policies, and practices to ensure that the continent’s wealth benefits African citizens equitably and Africa’s resources are managed in a sustainable manner. Numerous injustices characterise the current global economic architecture including trade relations that disadvantage African countries; restricted space for African countries to independently set their own development priorities and make choices on economic policies; imposition of development models that continue to undermine industrialization and structural economic transformation; contracts and licensing regimes, especially in the natural resources sector that tend to benefit foreign multi-national corporations at the expense of African countries; and a global financial governance architecture that promotes net outflow of capital (both illicit and licit) from Africa to the developed world. As part of the post Covid-19 transition, our work advocates for building forward better – focusing on the equitable and sustainable utilization of the continent’s natural resources and biodiversity, including land and water for the continent’s economic and social transformation.
New Fund Will Engage Civil Society in the Battle to Stop Illicit Financial Flows from Africa
DAKAR, January 31, 2013 – According to a report by the organization Global Financial Integrity, if Africa were able to stop the financial flows pouring from the continent, it would have more than enough to wipe out its external debt of about $250 billion (as of 2008). Illicit financial flows in Africa, which include drug smuggling, tax evasion, over-invoicing and underpricing is a problem that stems from collusion between governments and multinational corporations and is made worse by a lack of expertise on how to negotiate a mutually beneficial arrangement and by a lack of accountability.