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.
“Africa Investment Horizons”, a new documentary film funded in part by TrustAfrica, will have its première on April 29 at the New York Stock Exchange. The film shows the tremendous gains being made in Africa’s vibrant emerging markets and proves one surprising fact—that the highest rate of return on direct investment is found on the continent most people think of as an economic wasteland.
With the current U.S. economic downturn, investors are looking for new markets. This one-hour documentary, produced by Carol Pineau, director and producer of the award-winning documentary, “Africa Open for Business”, shows that Africa may be the next untapped investment destination.
Despite great strides in advancement, Africa is facing problems – especially around the fair distribution of natural resources – that need to be dealt with swiftly.
By BHEKINKOSI MOYO
Africa exudes a certain optimism about its future these days. ‘Africa is rising’ is today’s cliche, coined by the same Economist magazine that once declared Africa ‘dark’. But this goes beyond that magazine’s take on matters – you have to be here to experience the excitement. Leading economists on the continent and beyond are throwing around all sorts of positive projections – some as far as 2060. A number of factors, they say, will lead to Africa becoming a lot wealthier by 2050.
Read the article from the Ghana Broadcasting Corporation on the Higher Education dialogues held in Accra on May 8-9, 2013 sponsored by TrustAfrica, the Ministry of Education and the National Council for Tertiary Education.