Talking Points

• Inequality and tax evasion eroding the public sector is growing both within and between countries, while the rich on all continents funnel their wealth into secret bank accounts scattered around the world.

• The trend is worldwide as multinational companies shuttle money and subsidiaries between countries to minimize taxes, and the ultra-rich and organized crime hide their assets in untraceable shell accounts. But the toll in Africa is enormous, estimated at a loss of $50 billion to $80 billion a year in illicit capital flight.

• The good news that is that governments and multilateral agencies around the world are waking up to this issue, and the pressure for transparency in financial reporting is growing. The same technical mechanisms that have been used to track funds of drug traffickers and terrorist networks can now be used, if there is political will, in tracking the money that is draining public revenues and causing deficits.

Bulletins

July 20, 2022  Africa/Global: Oligarchs of All Nations http://www.africafocus.org/docs22/books2207.php
    "Biden Concedes Defeat on Climate Bill as Manchin and Inflation Upend Agenda" - New York Times, July 16, 2022

June 9, 2022  Africa/Global: Ukraine, Africa, and Our Planet http://www.africafocus.org/docs22/upd2206.php
    �An end to this terrible war based on dialogue must be the international community�s highest priority. Support to the people of Ukraine must be matched by efforts to advance Russian/Ukrainian negotiations, European security dialogue, and wider risk-reduction measures to prevent nuclear escalation.� - The Elders, May 25, 2022

May 11, 2022  Africa/Global: Debt, IFFs, and Inequality in Africa http://www.africafocus.org/docs22/ineq2205.php
    �43 African governments are facing expenditure cuts totalling $183 billion (equivalent to 5.4 percent of GDP) over the next five years, reveals new analysis from Oxfam and Development Finance International (DFI) today. If these cuts are implemented, their chances of achieving the UN�s Sustainable Development Goals will likely disappear.� - Oxfam International and Development Finance International

December 23, 2021  USA/Africa: Pandora Papers Keep Giving http://www.africafocus.org/docs21/iff2112.php
    2021 was a banner year for attention to national and international tax reforms to reduce tax evasion and avoidance, with legislation in the United States spearheaded by the FACT Coalition and a global reform deal proposed by the Organization of Economic Cooperation and Development (OECD). But the Pandora Papers also demonstrated the pervasive scale of illicit financial flows that siphon off wealth into an �offshore� world of secrecy.

May 31, 2021  Mozambique/Global: Fossil Fuels, Debt, and Corruption http://www.africafocus.org/docs21/moz2105b.php
    �The scandal of Mozambique�s �hidden debts� has already cost the country at least 11 billion US dollars, and has plunged an additional two million people into poverty, according to a detailed study of the costs and consequences of the debt published on Friday by the anti-corruption NGO, the Centre for Public Integrity (CIP), and its Norwegian partner, the Christian Michelsen Institute. The term �hidden debts� refers to illicit loans of over two billion US dollars from the banks Credit Suisse and VTB of Russia in 2013 and 2014 to three fraudulent, security�linked Mozambican companies � Proindicus, Ematum (Mozambique Tuna Company), and MAM (Mozambique Asset Management).� - report by Centre for Public Integrity (Mozambique) and Christian Michelsen Institute (Norway)

March 8, 2021  USA/Global: Taxing the Tech Giants http://www.africafocus.org/docs21/dig2103.php
    �How should we determine the corporate tax a big tech company should pay in each country where they operate? There are many ways that this could be calculated, but most recommendations suggest looking at their sales, their assets and the number of employees they have in each country. In the absence of transparent reporting, collecting such data is not easy, but we can get a useful estimate through looking at a proxy indicator: the number of users they have in each country. For example, in just 20 developing countries there are nearly 1.5 billion internet users accessing Google, about 900 million people using Microsoft on their desktops and over 750 million Facebook users. For these companies, the number of users is a good indicator of both their sales and their assets.� - ActionAid

February 22, 2021  Africa/Global: The Inequality Virus http://www.africafocus.org/docs21/ineq2102.php
    �COVID-19 has been likened to an x-ray, revealing fractures in the fragile skeleton of the societies we have built. It is exposing fallacies and falsehoods everywhere: The lie that free markets can deliver healthcare for all; The fiction that unpaid care work is not work; The delusion that we live in a post-racist world; The myth that we are all in the same boat. While we are all floating on the same sea, it�s clear that some are in super yachts, while others are clinging to the drifting debris.� � Ant�nio Guterres, UN Secretary General

December 14, 2020  Africa/Global: State of Tax Justice 2020 http://www.africafocus.org/docs20/tax2012.php
    �Of the $427 billion in tax lost each year globally to tax havens, the State of Tax Justice 2020 reports that $245 billion is directly lost to corporate tax abuse by multinational corporations and $182 billion to private tax evasion. Multinational corporations paid billions less in tax than they should have by shifting $1.38 trillion worth of profit out of the countries where they were generated and into tax havens, where corporate tax rates are extremely low or non-existent. Private tax evaders paid less tax than they should have by storing a total of over $10 trillion in financial assets offshore.� - Tax Justice Network, November 2020.

June 8, 2020  Africa/Global: Thinking Post-Covid-19 http://www.africafocus.org/docs20/post2006.php
    �Calls for debt relief�or more timid debt service moratorium�are drops in the ocean. Something much more ambitious and radical should be envisaged. This crisis allows us to think big. � [F]or these exceptional times, we need exceptional solutions. This virus does offer Africa an opportunity to exercise agency and embark on a more robust structural transformation process. Building on the gains of the last few years and the resilience of its population, there will probably be no better time to fast-track change.� - Carlos Lopes, former Executive Secretary of the United Nations Economic Commission for Africa

February 24, 2020  USA/Global: National and Global Inequalities Are Intertwined http://www.africafocus.org/docs20/iff2002.php
    The recession that began in 2008 brought new life to the public debate on class and racial inequality in the United States. The #OccupyWallStreet demonstrations in 2011 may have left no institutional legacy, but they shined a spotlight on a yawning wealth gap and the role of the �one percent.� #BlackLivesMatter and related movements challenged complacency on entrenched racism � Public awareness of inequality, like awareness of climate change, was rising even before President Trump took office. But his administration�s sharp turn toward denial and regression on both issues has spurred active opposition and cut into the complacency of conventional Democratic Party politics.

October 9, 2019  Africa/Global: Targeting Corporate Shell Games http://www.africafocus.org/docs19/iff1910.php
    �Across the world, citizens who want their governments to implement policies to reduce inequalities, address climate change and looming ecological disaster, provide better public services and amenities, ensure social protection, generate quality employment and so on, are always confronted with one question: where is the money? We are constantly told that governments cannot afford the necessary expenditure; that running fiscal deficits will lead to financial chaos and crisis; and that raising taxes will simply drive away investment. But this is not just misleading; it is simply wrong. Governments are constrained in their resources because they tolerate widespread tax evasion and avoidance. � - Professor Jayati Ghosh, Jawaharlal Nehru University

August 12, 2019  Africa/Global: Tax Avoidance 101 http://www.africafocus.org/docs19/iff1908b.php
    Aircastle Ltd., a Connecticut-based global company specialized in leasing airplanes, is not alone among large American companies lowering their taxes through creative accounting, which also include well-known giants such as Amazon and Apple. But the recent revelations on Aircastle�s use of Mauritius as a tax haven provide a helpful window into how such tax dodges can make use of off-shore companies set up primarily for that purpose.

August 12, 2019  Africa/Global: #MauritiusLeaks Reveals Tax Dodges http://www.africafocus.org/docs19/iff1908a.php
    �Based on a cache of 200,000 confidential records from the Mauritius office of the Bermuda-based offshore law firm Conyers Dill & Pearman, the investigation reveals how a sophisticated financial system based on the island is designed to divert tax revenue from poor nations back to the coffers of Western corporations and African oligarchs, with Mauritius getting a share. The files date from the early 1990s to 2017.� - International Consortium of Investigative Journalists

April 30, 2019  Africa/Global: Fighting Tax Evasion and Tax Avoidance http://www.africafocus.org/docs19/eca1904.php
    The UN Economic Commission for Africa (ECA), in its annual Economic Report on Africa, focused on financing development in Africa, highlighted the urgency to curb what it termed �revenue leaks� through tax evasion and tax avoidance, as well as through misguided government policies. Multinational corporations, corrupt officials, and financial intermediaries around the world siphon off African wealth, leaving national budgets starved for resources to invest in health, education, and sustainable economic growth.

January 8, 2019  Mozambique/Global: Who Pays for Transnational Corruption? http://www.africafocus.org/docs19/moz1901.php
    The line-up of those involved in this $2.2 billion fraudulent loan deal, now implicated in a case in the U.S. District Court of the Eastern District of New York, is multinational. The five named individuals indicted include the former Minister of Finance of Mozambique, a Lebanese businessman representing Privinvest (an international shipping conglomerate in Abu Dhabi), and three London-based bankers, citizens of New Zealand, Great Britain, and Bulgaria, employed at the time of the loans by the giant Swiss bank Credit Suisse. Three more names are redacted in the indictment and 5 others, three Mozambicans and two additional employees of Privinvest, are cited but not named in the text of the indictment.

November 12, 2018  Africa: Why Mining is Hard to Tax http://www.africafocus.org/docs18/tax1811.php
    "In Africa as elsewhere in the world, while energy companies might be somewhat undertaxed, mining companies typically are greatly under-taxed. Indeed, it is only a slight exaggeration to say that, with a few significant exceptions, notably Botswana�s diamond mines, mining in Africa is barely taxed at all. One reliable source indicates that contemporary African governments collect about 55% of the total value of energy production in tax revenue, but only 3% of the value of mining production." - Taxing Africa

November 12, 2018  Africa: Africa Mining Vision http://www.africafocus.org/docs18/amv1811.php
    The Africa Mining Vision (AMV) was adopted by Heads of State at the February 2009 African Union summit following the October 2008 meeting of African Ministers responsible for Mineral Resources Development. An action plan was adopted in December 2011, and the African Minerals Development Centre (https://www.uneca.org/amdc) launched in December 2013. The lead role in developing the vision was taken by African professional staff at the United Nations Economic Commission for Africa (UNECA), in consultation not only with African governments but also with civil society organizations and specialists on the mining sector.

October 16, 2018  Africa/Global: Drug Company Profits vs. Public Health http://www.africafocus.org/docs18/drug1810.php
    "Oxfam examined publicly available data on subsidiaries of four of the largest US drug companies and found a striking pattern. In the countries analyzed that have standard corporate tax rates, rich or poor, the corporations� pretax profits were low. In eight advanced economies, drug company profits averaged 7 percent, while in seven developing countries they averaged 5 percent. Yet globally, these corporations reported annual global profits of up to 30 percent. So where were the high profits? Tax havens. In four countries that charge low or no corporate tax rates, these companies posted skyrocketing 31 percent profit margins." - Oxfam, September 2018

October 1, 2018  Africa/Global: Professionals Enabling Corruption http://www.africafocus.org/docs18/iff1810.php
    "Lifting the veil of corporate secrecy reveals a simple principle: Offshore is actually a set of professional services that specialize in enabling businesses and individuals to effectively retreat from legal, regulatory, and public scrutiny, empowering them vis-a-vis those who have remained 'onshore' without access to such services." - Hudson Institute

June 4, 2018  West Africa/Global: Tax Evasion without Borders http://www.africafocus.org/docs18/wa1806.php
    "On paper, the company that engineered and built the [$50 million mineral sands] processing plant [in Senegal] was SNC Lavalin-Mauritius Ltd, a local division of SNC Lavalin [Canada]. In reality, SNC Lavalin-Mauritius wasn�t involved. It was a shell, created for the specific purpose of helping the engineering giant avoid tax payments. The company had no construction equipment and no office of its own. It operated from inside the Mauritius office of the offshoring law firm Appleby, which helped SNCLavalin create the shell company." - West Africa Leaks

March 12, 2018  Africa/Global: Charting Where They Hide the Money, 2 http://www.africafocus.org/docs18/fsi1803b.php
    "Overall, the City of London and [its] offshore satellites constitute by far the most important part of the global offshore world of secrecy jurisdictions. Had we lumped them together, the British network would be at the top of our index, above Switzerland." - Tax Justice Network

March 12, 2018  Africa/Global: Charting Where They Hide the Money, 1 http://www.africafocus.org/docs18/fsi1803a.php
    "Switzerland, the United States and the Cayman Islands are the world�s biggest contributors to financial secrecy, according to the latest edition of the Tax Justice Network�s Financial Secrecy Index (FSI). ... Kenya, which this year set up its own tax haven in the form of the Nairobi International Financial Centre, is an example of how interests of western financial service lobbyists have successfully lured governments into a race to the bottom. Kenya, which has been assessed for the first time in the 2018 FSI, has an extremely high secrecy score of 80/100." - Tax Justice Network

January 15, 2018  South Africa/USA: Inequality is Extreme and Still Rising http://www.africafocus.org/docs18/sa-us1801.php
    "I came here because of my deep interest and affection for a land settled by the Dutch in the mid-seventeenth century, then taken over by the British, and at last independent; a land in which the native inhabitants were at first subdued, but relations with whom remain a problem to this day; a land which defined itself on a hostile frontier; a land which has tamed rich natural resources through the energetic application of modern technology; a land which once imported slaves, and now must struggle to wipe out the last traces of that former bondage. I refer, of course, to the United States of America." - Robert F. Kennedy, University of Cape Town, June 6, 1966

January 15, 2018  Africa/Global: World Trends in Inequality http://www.africafocus.org/docs18/ineq1801.php
    "The divergence in inequality levels has been particularly extreme between Western Europe and the United States, which had similar levels of inequality in 1980 but today are in radically different situations. While the top 1% income share was close to 10% in both regions in 1980, it rose only slightly to 12% in 2016 in Western Europe while it shot up to 20% in the United States. Meanwhile, in the United States, the bottom 50% income share decreased from more than 20% in 1980 to 13% in 2016." - World Inequality Report, 2018

December 11, 2017  Africa/Global: Paradise Papers, Plus http://www.africafocus.org/docs17/iff1712.php
    The Paradise Papers investigation, based on a leak of 6.8 million documents from the offshore law firm Appleby, is the largest of recent revelations of the hidden world of financial manipulation used by both multinational corporations and rich (high net worth) individuals from around the world. Like the Panama Papers investigation that won the 2017 Pulitzer Prize, it is based both on "big data" analysis and on collaborative investigative reporting by teams of hundreds of journalists. But it is based on the records of only one offshore law firm, albeit one of the most prominent. Despite the size of the leak, it still reveals only the tip of the iceberg.

September 25, 2017  Africa/Global: How Women Lose from Tax Injustice http://www.africafocus.org/docs17/iff1709.php
    A new report from the Association for Women in Development (AWID), authored by Dr. Attiya Waris in Nairobi, makes a powerful case that women lose disproportionately from illicit financial flows, which reduce the tax base and deprive states of the resources to invest in critical public goods, and that addressing this issue is key to efforts to combat gender inequality. The point should not be surprising, but too often the impact of tax evasion and tax avoidance is cloaked in jargon that makes it less visible than cases such as overt discrimination against women in employment and wages. In contrast, this report stands out for its clarity. AfricaFocus strongly recommends the full version, which is available on-line at http://tinyurl.com/ych3zce3

July 17, 2017  Congo (Kinshasa): Inga Dam Mirage Recedes, Again http://www.africafocus.org/docs17/inga1707.php
    The latest projections for the Inga 3 hydroelectric project on the Congo River to become operational, cited in press reports last week, are 2024 or 2025. But even if the project is financed and constructed, says a new report, the project will likely provide only minimal electric power for the people of Democratic Republic of the Congo and burden the country with more unsustainable debt.

July 10, 2017  Africa/Global: Following the Money http://www.africafocus.org/docs17/iff1707.php
    "As an important tool in our fight against corruption, tax evasion, terrorist financing and money laundering, we will advance the effective implementation of the international standards on transparency and beneficial ownership of legal persons and legal arrangements, including the availability of information in the domestic and crossborder context." - G20 Summit Communiqué, Hamburg, July 8, 2017

June 6, 2017  South Africa: #Guptaleaks - Will Heads Roll? http://www.africafocus.org/docs17/saf1706.php
    "The Guptas have until now escaped investigation from the state agencies because they have purchased indemnity. You have to hand it to the Guptas; the way they went about capturing the state is quite impressive. Not only did they buy the president and his son, they targeted key people in government that could act as their minions. When people were resistant to their agenda, they scouted for bootlickers and had them appointed. They paid off people in the security agencies to make sure they would not be bothered with criminal investigations." - Daily Maverick, June 5, 2017

May 24, 2017  Nigeria: Corruption Undercuts Boko Haram Fight http://www.africafocus.org/docs17/nig1705.php
    "Nigeria's corrupt elites have profited from conflict; with oil prices at a record low, defence has provided new and lucrative opportunities for the country's corrupt kleptocrats. Former military chiefs have stolen as much as US $15 billion � a sum equivalent to half of Nigeria's foreign currency reserves � through fraudulent arms procurement deals." - new report on "Weaponizing Tranparency"

April 17, 2017  Africa/Global: New Reports Show Massive Tax Losses http://www.africafocus.org/docs17/tax1704.php
    On April 15, "tax day" in the United States, tens of thousands of demonstrators in over 200 communities around the country marched to demand that President Trump make public his tax returns ( http://taxmarch.org/home/). Protesters also denounced his use of taxpayer funds for his personal profit and military escalation while his administration continues its assault on spending for urgent public needs at home and around the world. There is no sign that the President will comply with the demand for transparency. But the award of a Pulitzer Prize last week to the international consortium that exposed the Panama Papers was only one indicator that the drive to expose tax evasion, tax avoidance, and corruption around the world will continue.

April 3, 2017  South Africa: Rising Outcry for Zuma to Go http://www.africafocus.org/docs17/sa1704.php
    "We call on Ministers and leaders of the ANC who care about the future of democracy and the Constitution to speak up and call on the President, in the best interests of the country, to step down. We call on the parliamentary leadership of the ANC, supported by all opposition parties, to insist that parliament be recalled immediately to debate a motion of no-confidence, proposed by the ANC leadership in parliament. We call on all members of Parliament to unite and support a motion of no-confidence." - Statement by the Nelson Mandela Foundation and the Ahmed Kathrada Foundation, March 31, 2017

March 28, 2017  Liberia: Mining, Displacement, and the World Bank http://www.africafocus.org/docs17/lib1703.php
    "The roots of the New Liberty Gold project stretch back before 1995, when a resource extraction license was issued by former warlord turned president Charles Taylor to a mysterious company called KAFCO. The permit changed hands a few times and, today, Avesoro holds its permit via a wholly-owned subsidiary, Bea Mountain Mining Corp � a company created in 1996 by Keikurah B. Kpoto, one of Taylor's closest associates. In 1998, foreign interests bought Bea Mountain Mining. The beneficiaries of the sale were well hidden. According to a document IRIN procured, three quarters of its capital belonged to a company incorporated in the British Virgin Islands. The rest was held by owners of bearer shares." - IRIN investigative report, March 21, 2017

February 28, 2017  Africa/Global: Open Data for Tax Justice http://www.africafocus.org/docs17/tax1702.php
    "Multinational companies typically publish global, consolidated accounts - and international accounting standards now allow these to roll into one all financial information on the substance of their economic activities, or at best to provide regional figures. This means that country-level information on profits, revenues, taxes, borrowings and employees, for example, are not provided. ... As the name suggests, the longstanding proposal for country-by-country reporting (CBCR) would make multinational companies break down and publish their results for each country. This is essential for citizens to know what companies and their affiliates are doing where they live, and what contributions they are making." - Open Data for Tax Justice announcement

February 7, 2017  Africa/Global: Transparency Setback, African Agendas http://www.africafocus.org/docs17/iff1702.php
    In the world of large multinational corporations, secrecy is more than the rule rather than exception. Despite this reality, there have been some advances in recent years, including U.S. legislation and regulations requiring disclosure of payments by U.S. oil, gas, and mining companies to foreign governments. Last week, the U.S. Congress revoked this Security and Exchange Commission rule, a year before it was actually to be implemented. Although comparatively little noticed in comparison to the tumult around White House actions, this was an indication that the Republican Congress as well was determined to reverse even modest steps to fight corporate corruption and other similar abuses.

January 23, 2017  South Africa: State Capture & Energy Policy http://www.africafocus.org/docs17/saf1701.php
    "Eskom, accused of overly cozy ties with the Guptas featured heavily in the report, with 916 mentions. ... it's Eskom's chief executive, Brian Molefe, who comes out looking the worst. According to cell phone records, Molefe had 58 phone calls with the eldest of the Gupta brothers, Ajay Gupta, between August 2015 and March 2016, just before the Guptas purchased South Africa's Optimum coal mine for 2.15 billion rand ($160 million). Eskom, which prepaid the Gupta's Tegeta Exploration and Resources 600 million rand for coal, had been accused of helping to finance the Guptas' coal mine deal through preferential treatment." - Quartz Africa

November 28, 2016  Africa/Global: Overcoming the Shadow Economy http://www.africafocus.org/docs16/iff1611.php
    "Knowledge of beneficial ownership of companies and bank accounts is fundamental, both to ensure taxation and also to prevent and prosecute crime and the money laundering that so often is associated with it. ... Corporations, trusts, and foundations are creations of the state--and as such, they have no inalienable rights. They are created to facilitate societal welfare, and to ensure that they do so, they need to be globally regulated--regulated in ways which ensure full knowledge of beneficial ownership and full compliance with all tax laws." - Joseph Stiglitz, in testimony to European Parliament Panama Papers inquiry

October 18, 2016  Ghana: New Debt Trap http://www.africafocus.org/docs16/gh1610.php
    "Ghana is in a debt crisis. Despite having had significant amounts of debt canceled a decade ago, the country is losing around 30% of government revenue in external debt payments each year. Such huge payments are only possible because Ghana has been able to take on more loans from institutions such as the International Monetary Fund (IMF), which are used to pay the interest on debts to previous lenders, whilst the overall size of the debt increases. "

September 21, 2016  USA/Africa: From #BlackLivesMatter to #StopTheBleeding Africa http://www.africafocus.org/docs16/iff1609.php
    The direct and indirect toll resulting from illicit financial flows reflects the unequal value today's world places on human lives by race and place ... Reflecting the legacy of the slave trade and colonialism, the African continent and Black people around the world are disproportionately located at the bottom of a global system that systematically sucks wealth upward, toward the top "1 percent." ... there can be no doubt that the number of deaths caused by these structural economic inequalities rivals or likely even exceeds those lost due to bombs, guns, or machetes.

September 14, 2016  Gabon: High Demand for Democracy, Short Supply http://www.africafocus.org/docs16/gab1609.php
    "Among 36 African countries surveyed in 2014/2015, Gabon ranks at or near the bottom on every indicator of election quality and fairness, according to citizen responses collected in September and October 2015. ... Gabon ranks dead last in public trust in the election commission. ... [at the same time] Gabon ranks near the top in favoring multiparty competition and term limits on presidents, as well as in disapproving of one-party and one-man rule." - Afrobarometer

June 22, 2016  Africa/Global: "Stop the Bleeding" Updates http://www.africafocus.org/docs16/stb1606.php
    "A new report by Tax Justice Network-Africa and ActionAid says that East African countries (Tanzania, Kenya, Uganda and Rwanda) are losing approximately $2 billion a year of revenue each year by granting tax incentives to multinational companies. ... According to Yaekob Metena, ActionAid Tanzania's country director, 'Though there have been improvements in recent years in addressing the issue, governments in East Africa continue to give away domestic resources in tax incentives, funds that could pay for the regions' education and health needs and meeting the development objectives.'"

Jun 2, 2016  Liberia/Global: Financial Secrecy at Work http://www.africafocus.org/docs16/iff1606.php
    "Finance Uncovered, working with an anonymous Liberian journalist, has exposed a little-known offshore business registry that has created tens of thousands of anonymous companies and registered them to a non-existent address in Monrovia, Liberia's capital city. Although these companies are technically a creation of Liberian law, management of the registry is based in the United States and appears to have the support of the US government. ... Our investigation has discovered over half a billion pounds of high-value London property registered to Liberian offshore companies."

May 13, 2016  Mozambique: Debt Crisis & the Panama Papers http://www.africafocus.org/docs16/moz1605.php
    The paragraph that originally appeared here, citing AIM, and the cited article from AIM, reposted by AfricaFocus on May 13, 2016, have been removed from this AfricaFocus web archive on this page pursuant to a request from AIM, as a result of complaints to AIM on behalf of Privinvest by its public relations firm Woodstock Leasor Limited and its legal representative Michael Simkins LLP, both in London. For more details on the AIM retraction, see below.

April 11, 2016  Africa/Global: Panama Papers Tip of Iceberg http://www.africafocus.org/docs16/pan1604.php
    "In other words, the leaks reveal just how the planet's wealthiest and most powerful citizens hide their money - trillions of it - in offshore tax shelters like the British Virgin Islands or the Seychelles with the help of law firms in swampy backwaters like Panama. Over 11-million horribly incriminating documents, and this is just one - if one of the more prominent - of the many law firms specialising in this line of work." - Daily Maverick, South Africa

February 29, 2016  USA/Africa: Rising Opposition to Tax Evasion http://www.africafocus.org/docs16/tax1602.php
    "We said we were advising an African minister who had accumulated millions of dollars, and we wanted to buy a Gulfstream Jet, a brownstone and a yacht. We said we needed to get the money into the U.S. without detection. ... the results were shocking; all but one of the the lawyers had suggestions on how to move the funds." Global Witness (see excerpts from report below, as well as link to full report and video documentation)

February 1, 2016  Africa/Global: Accounting Tricks with Coca-Cola http://www.africafocus.org/docs16/coke1602.php
    "The Cayman-based Conco is one of more than 25 entities located in tax havens -- just over 30 percent of the [Coca-Cola's] total 'financial' subsidiary disclosures.. Of those based in tax havens, almost half use Delaware, including the parent Coca-Cola company, incorporated there since 1919. ... Delaware's secret formula is the total tax exemption for all income related to intangible capital. In fact, the Delaware Code specifically highlights the advantages of holding companies for intangible capital that "charge" their own global subsidiaries a 'fee' for use of the trademarks and other intangible capital." - Khadija Sharife, in "Coca-Cola's Hidden Formula for Avoiding Taxes"

November 11, 2015  Africa/Global: Follow the Money http://www.africafocus.org/docs15/iff1511.php
    "New research from the Tax Justice Network shows that the gap between where companies pay tax and where they really do their business is huge ... even developed countries with state-of-the-art tax legislation and well-equipped tax authorities cannot stop multinationals dodging their tax without a thorough reform of the global tax system. ... [these practices have] a relatively greater impact on developing countries, whose public revenues are more dependent on the taxation of large businesses."

October 20, 2015  Africa: Tax Tricks, Mobile Phones, and Beer http://www.africafocus.org/docs15/td1510.php
    "Despite MTN having its headquarters located in South Africa, 55% of the "management and technical fee payments" flow to "MTN International" (MTNI)--a company which has no staff and is located in Mauritius. The remaining 45% was paid to MTN Dubai--a subsidiary which the company says it renders international financial services and shared services to MTN Group." - Quartz Africa, on new report by amaBhungane and Finance Uncovered

October 6, 2015  South Africa/Global: Piketty says "Tax the Rich" http://www.africafocus.org/docs15/pik1510.php
    "I think Europe and North America should stop having a double language with Africa, which is on the one hand they always give lessons about governance and transparency etcetera, and on the other hand, their own multinational companies and their own wealthy citizens are the very ones who are benefiting from financial opacity and they are doing nothing at all about it." - Thomas Piketty, in Nelson Mandela Annual Lecture

September 14, 2015  West Africa: Tax Giveaway Follies http://www.africafocus.org/docs15/wa1509.php
    "Our research shows that three countries alone � Ghana, Nigeria and Senegal � are losing up to $5.8 billion a year. If the rest of ECOWAS lost revenues at similar percentages of their GDP, total revenue losses among the 15 ECOWAS states would amount to $9.6 billion a year [due to tax incentives offered to foreign companies]." - Action Aid and Tax Justice Network Africa

July 21, 2015  Africa/Global: "Stop The Bleeding" http://www.africafocus.org/docs15/iff1507.php
    With the exception of inclusion of a statement promising to address "illicit financial flows," the outcome document of the Financing for Development conference in Addis Ababa (July 13-16) broke little new ground. Significantly, rich countries vetoed action on a greater role for the United Nations in setting international tax standards, preserving that role for the club of the OECD countries dominated by the United States and Europe. But civil society momentum for more significant action is continuing to grow, as was marked by the launch of the "Stop The Bleeding" campaign at a continent-wide gathering in Nairobi in June.

June 30, 2015  South Africa: Marikana Perspectives, 2 http://www.africafocus.org/docs15/mar1506b.php
    "President Jacob Zuma's response to the Marikana Report is underwhelming, to say the least. He was allowed to avoid being forced to act in a more pointed way following what happened at Marikana because Judge Ian Farlam's recommendations are legally and socially conservative, and morally weak. The recommendations that essentially pass the buck to other state agencies to re-investigate will have left most the victims and families of victims of the killing spree in August of 2012 feeling cheated." - Greg Marinovich

June 30, 2015  South Africa: Marikana Perspectives, 1 http://www.africafocus.org/docs15/mar1506a.php
    Almost three years after the killings by police of 44 striking miners at Marikana platinum mine, the official Commission of Inquiry last week released a bland 646-page report, faulting primarily police commanders and apportioning some blame as well among the striking miners themselves, the mining company Lonmin, and two rival unions. However, the Commission said there was not adequate evidence for the responsibility of higher officials. And its recommendations for action on the police responsible were for further investigations.

June 2, 2015  Africa/Global: Capital Flows in Context http://www.africafocus.org/docs15/tax1506b.php
    "The dominant policy perspectives on illicit financial flows and Africa's development tend to focus on the unethical, criminal, corrupt and regulatory dimensions of illicit financial flows. Even though these are a legitimate focus, their treatment fails to deal with the structural and systematic dimensions of IFFs that make it easy for the draining of resources from Africa. " Third World Network-Africa

June 2, 2015  Africa/Global: Tax Justice & Inequality http://www.africafocus.org/docs15/tax1506a.php
    "The prevailing international tax rules and practices, as well as the failure of governments to cooperate on international tax matters, continue to undermine the ability of governments in the Global South and the North to ensure that corporations and wealthy individuals pay their fair share of taxes. ... At the same time, many governments themselves act in the interest of corporations, liberally providing tax incentives and signing tax treaties that enable huge outflows of public revenues. As a result, ordinary people all over the world carry a disproportionately heavy burden of raising tax revenues -- while public services lack adequate resources to meet the needs of citizens." - World Social Forum, 2015

March 23, 2015  Africa/Global: Swiss Connections http://www.africafocus.org/docs15/iff1503.php
    An investigation conducted by the Berne Declaration (BD) has revealed how Philia, a Swiss trading company, has been profiting at the expense of the Congo (Brazzaville) oil refinery, Coraf. Coraf is managed by the President's son, Denis Christel Sassou Nguesso, who is a close friend of Philia's sole shareholder, Jean-Philippe Amvame Ndong. The case is an unusually explicit and striking example of the links between corruption in Africa and the lack of transparency and regulation for companies located outside the continent.

February 5, 2015  Africa/Global: Stopping Capital Losses http://www.africafocus.org/docs15/iff1502.php
    "Commercial activities are by far the largest contributor to illicit financial flows (IFFs), followed by organized crime, then public sector activities. Corrupt practices play a key role in facilitating these outflows. The sources of IFFs are from within our continent, and the fundamental responsibility for eliminating the sources rests with the governments of African States. Therefore, the Panel calls for the African Union to take leadership in ensuring that Africa takes the necessary measures to curtail and indeed eliminate all avenues for IFFs." - High Level Panel on Illicit Financial Flows from Africa, February 2015

January 6, 2015  Sierra Leone: Losing Out http://www.africafocus.org/docs15/sl1501.php
    According to World Bank estimates in December, Sierra Leone is the country that has suffered the greatest economic losses from the impact of Ebola. Economic growth, estimated at a 11.3% annual rate in the first half of 2014, contracted at a 2.8% annual rate in the second half of the year, and was projected to drop another 2% in 2015. Such massive losses not only illustrate the profound impact of Ebola; they also raise questions about the nature of the growth that left the country so vulnerable to the epidemic.

November 19, 2014  Africa: Past Time for Bandaids http://www.africafocus.org/docs14/band1411.php
    Although the new BandAid30 single may raise millions, some of which may actually aid in fighting Ebola, it is also prompting an unusually high level of criticism for its patronizing lyrics and paternalistic stance towards Africa. Even more important, the Ebola epidemic is prompting not only traditional charity but also questioning of the fundamental global failure to invest in sustainable support for health at all levels.

September 16, 2014  Africa: Tracing the Oil Money http://www.africafocus.org/docs14/oil1409.php
    From 2011 to 2013, the governments of [ten oil-producing African countries] sold over 2.3 billion barrels of oil. These sales, worth more than $250 billion, equal a staggering 56 percent of their combined government revenues. But, reveals a new report from Swiss and international nongovernmental organizations, there is little transparency about these sales, a quarter of which were made to littleknown Swiss trading companies.

August 11, 2014  Africa: Investment for Whom? http://www.africafocus.org/docs14/iff1408.php
    "While governance remains an issue for many African countries, structural deficiencies in the U.S. financial system are just as responsible for driving the outflow of illicit capital. ... The burden for curtailing these illicit flows must be shared equally by policymakers in the U.S. and in Africa for this partnership to be effective." - Global Financial Integrity

July 31, 2014  Africa/Global: Talking Points on Common Issues http://www.africafocus.org/docs14/tp1407.php
    As African leaders and corporate CEOs gather to meet with President Obama and U.S. government officials, a wide variety of civil society activists will also be meeting in Washington, some in officially recognized side events, others in alternative venues. Many more will be issuing statements and communicating their views, some appropriating the twitter hashtag #AfricaSummit used by U.S. government officials, thus inserting their views as well into that hashtag stream.

June 1, 2014  South Africa: Disappearing Diamond Revenue http://www.africafocus.org/docs14/dia1406.php
    "In 2011, South Africa produced diamonds whose uncut, or rough, value was $1.73 billion, or 12 percent of global production, according to the most recent government data available. Yet from 2010 to 2011, diamond-producing companies paid South Africa's government just $11 million in mining royalties, according to the latest Tax Statistics report, produced by the South African Treasury and the South African Revenue Service." - Khadija Sharife

May 26, 2014  Africa: Fraudulent Trade & Tax Evasion http://www.africafocus.org/docs14/iff1405.php
    "The fraudulent misinvoicing of trade is hampering economic growth and potentially resulting in billions of U.S. dollars in lost tax revenue in Ghana, Kenya, Mozambique, Tanzania, and Uganda, according to a new report by Global Financial Integrity (GFI), a Washington DC- based research and advocacy organization. The study -- funded by the Ministry of Foreign Affairs of Denmark -- finds that the over- and under-invoicing of trade transactions facilitated at least US$60.8 billion in illicit financial flows into or out of the five African countries between 2002 and 2011."

May 12, 2014  Africa: Report Highlights Resource Plunder http://www.africafocus.org/docs14/app1405.php
    "Take the profit out of plunder: Africa's resources should be sustainably managed for the benefit of Africa's peoples. National and regional action alone will not be enough. The international community must develop multilateral systems that prevent the plunder of Africa's resources [of fisheries and forests]." - Africa Progress Panel, 2014

April 30, 2014  Africa: Taxation Key to Fighting Inequality http://www.africafocus.org/docs14/tax1404.php
    'In many countries, it is the poor who end up paying more tax as a proportion of their income and this is just not right. When the rich are able to avoid paying their fair share of taxes, a government must rely on the rest of its citizens to fill its coffers. While tax dodging goes unchecked, governments are severely hampered from putting in place progressive tax systems - so fairer domestic tax systems depend on global transparency measures' - Alvin Mosioma, Director, Tax Justice Network - Africa

March 25, 2014  Nigeria: Corruption & Its International Partners http://www.africafocus.org/docs14/nig1403.php
    The Nigerian government has pledged to order a forensic audit of alleged missing oil receipts, which Central Bank Governor Lamido Sanusi reckoned at some $20 billion before his suspension by President Goodluck Jonathan in February. Previous experience with such audits has led Nigerians to be skeptical of the outcome. On a much earlier case, however, this month the U.S. Department of Justice froze some $458 million of assets embezzled by former dictator Sani Abacha and his colleagues during his years in office from 1993-1998.

December 5, 2013  Africa/Global: Pope Francis on Economic Justice http://www.africafocus.org/docs13/pope1312.php
    "As long as the problems of the poor are not radically resolved by rejecting the absolute autonomy of markets and financial speculation and by attacking the structural causes of inequality, no solution will be found for the world's problems or, for that matter, to any problems. Inequality is the root of social ills." - Pope Francis, November 24, 2013

May 31, 2013  Africa/Global: Rich Without Borders http://www.africafocus.org/docs13/tax1305.php
    "For every country losing money illicitly, there is another country absorbing it. These outflows are facilitated by financial opacity in advanced Western economies and offshore tax havens. Implementing transparency measures to curtail tax haven secrecy and anonymous shell companies is crucial to curtailing illicit flows." Raymond Baker, Global Financial Integrity

Apr 11, 2013  Nigeria: #Offshoreleaks http://www.africafocus.org/docs13/tax1304.php
    The International Consortium of Investigative Journalists (ICIJ) has begun publication of stories from a vast trove of documents revealing transactions in the "offshore world" of tax havens. The data, from an Australian investigation of offshore financial shelters and fraud, held more than 2.5 million records, which are being investigated by dozens of journalists. The total size of the files, measured in gigabytes, is more than 160 times larger than the leak of U.S. State Department documents by Wikileaks in 2010.

Feb 15 2013  Zambia/Global: The Price of Tax Avoidance http://www.africafocus.org/docs13/tax1302.php
    "From 2008 to 2010, an agricultural labourer employed by the company has paid more income tax in absolute terms than the company whose US$200 million revenues have benefitted from her labour. And even when Zambia Sugar has been paying some corporate income tax in Zambia, as in 2011 and 2012, it has still paid 20 times less income tax, relative to its income, than the tax paid by its own agricultural workers." - ActionAid, in new report on tax avoidance by Associated British Foods group in Zambia.

Nov 20, 2012  Africa: Capital Losses, What Can Be Done? http://www.africafocus.org/docs12/cap1211a.php
    "Both rich countries and Africa suffer from a global system of financial secrecy, in which rich individuals and large companies hide income and assets from public scrutiny and from taxation by transferring them across borders. ... despite many differences ...the same structural realities and the same institutions are implicated in the "fiscal crises" of Europe and North America and in the failure of African states to capture and channel sufficient resources to development." - Introduction to special issue of ACAS Bulletin on "Africa's Capital Losses: What Can Be Done?"

Nov 20, 2012  Africa: Debt Audits and Debt Repudiation http://www.africafocus.org/docs12/cap1211b.php
    "Repudiation of odious debt, if properly implemented, is selective rather than indiscriminate. Creditors who lend in good faith for legitimate projects have no reason to fear a fair and transparent process, and no cause to withhold new lending. Indeed by freeing governments from the burden of servicing illegitimate debts and strengthening incentives for responsible lending, the strategy yields a better climate for legitimate borrowers and legitimate creditors alike." - James Boyce and Leonce Ndikumana

Aug 9, 2012  Africa: Global Pirates vs. Tax Justice http://www.africafocus.org/docs12/bank1208.php
    A new report from the Tax Justice Network estimates that the global super-rich have at least $21 trillion in secret tax havens, the equivalent of the United States and Japanese economies combined. While these estimates presumably include funds such as those held by Mitt Romney in "offshore" accounts in the Cayman Islands, they also include as much as $944 billion estimated last year to be derived from capital losses to Africa between 1970 and 2008.

Dec 17, 2011  Africa: Capital Flight Updates http://www.africafocus.org/docs11/iff1112.php
    This week Global Financial Integrity released its latest report on illicit financial flows from developing countries, including data for 2009. The result: despite a drop in 2009 due to the recession, developing countries lost between US$723 billion and US$844 billion per annum on average through illicit flows over the decade ending 2009. In current dollar terms, the flows increased in current dollar terms by 15.19% per annum from US$386 billion at the start of the decade to US$903 billion in 2009.

Dec 17, 2011  Africa: Measuring Capital Flight http://www.africafocus.org/docs11/cap1112.php
    "The magnitude of African capital flight is staggering both in absolute monetary values and relative to GDP. For the thirty-three sub-Saharan African countries for which we have data, we find that more than $700 billion fled the continent between 1970 and 2008. If this capital was invested abroad and earned interest at the going market rates, the accumulated capital loss for these countries over the thirty-nine-year period was $944 billion. By comparison, total GDP for all of sub-Saharan Africa in 2008 stood at $997 billion." - L. Ndikumana and J. Boyce, in their new book "Africa's Odious Debts"

Nov 3, 2011  Somalia: Economies of War http://www.africafocus.org/docs11/som1111.php
    "Al-Shabaab's resilience, despite its lack of popular support and the chronic divisions within its leadership, is principally due to the weakness of the Transitional Federal Government, and the latter's failure to broaden its political appeal or share power with other de facto political and military forces in the country. The endemic corruption of the leadership of the transitional federal institutions ... is the greatest impediment to the emergence of a cohesive transitional authority and effective State institutions." - UN Monitoring Group

Oct 13, 2011  Africa: Migration, Inequalities, & Human Rights http://www.africafocus.org/docs11/migr1110.php
    Issues related to the situation of refugees and other migrants are hotly contested in locations as diverse as Libya, South Africa, Kenya, Western Europe, and the United States. Anti-migrant sentiment is a recurring phenomenon, featuring restrictive legislation, official abuses against immigrants, and in extreme cases, xenophobic violence. Yet these issues are most often considered in isolation, rather than also as among the most telling indicators of fundamental structural inequalities between nations.

Jul 30, 2011  Malawi: Challenging Power & Corruption http://www.africafocus.org/docs11/mal1107.php
    "The protests and riots of July 20 are fundamentally about governance and development, the enduring desire among Malawians for the establishment of a sustainable democratic developmental state. It underscores the fact that economic growth without development is not enough. ... President Mutharika embodies the contradictions of Malawi's political system and the crassness of Malawi's political class." - Paul Tiyambe Zeleza

Jun 30, 2011  USA/Gabon: Blind Eye for Corruption http://www.africafocus.org/docs11/gab1106.php
    The White House was brief in an official statement after the June 9 visit of the President of Gabon. The statement concluded by noting that "President Obama urged President Bongo Ondimba to take bold steps to root out corruption and to reform the judiciary and other key institutions to ensure the protection of human rights, and he welcomed the reforms that Gabon has taken under President Bongo Ondimba to bring more transparency and accountability to government. Both leaders agreed to continue to work together to promote peace and security, as well as advance good governance in Gabon."

May 26, 2011  Africa: Cash Drain from Poorest Countries http://www.africafocus.org/docs11/iff1105a.php
    The 48 countries classified by the United Nations as LDCs [Least Developed Countries], 33 of which are in Sub-Saharan Africa, lost a cumulative total of $246 billion in illicit financial flows over the period from 1990 to 2008, according to a new report from Global Financial Integrity prepared for the UNDP. Six of the top ten countries in cumulative outflows were in Africa, including Angola (#2), Lesotho (#3), Chad (#4), Uganda (#7), Ethiopia (#9), and Zambia (#10).

May 26, 2011  Africa: Where Does the Money Go? http://www.africafocus.org/docs11/iff1105b.php
    "Current total deposits by non-residents in offshore and secrecy jurisdictions are just under US$10 trillion ... The United States, the United Kingdom, and the Cayman Islands top the list of jurisdictions, with the United States out in front with a total of US $2 trillion. ... such deposits have been growing at a compound rate of 9 percent annually over the last 13 years." - Global Financial Integrity

Feb 16, 2011  Egypt: Recovering Stolen Wealth http://www.africafocus.org/docs11/sw1102.php
    As Egypt turns from the gripping drama of the 18 days that brought down the Mubarak regime, there are multiple issues on the agenda. Among them not the least important is recovery of stolen wealth from the assets of former President Hosni Mubarak and his colleagues. That task will not be easy, requiring political will, technical competence, and international cooperation among many countries. But the chances are enhanced by recent international efforts to increase transparency and government capacity to deal with such issues.

Feb 16, 2011  Africa: Stolen Assets Recovery http://www.africafocus.org/docs11/ar1102.php
    The United Nations Convention against Corruption (UNCAC ) ... has 71 articles addressing numerous tools to combat corruption ... However, it is the "return of assets" that has been singled out as "a fundamental principle of this Convention". - U4 Anti-Corruption Resource Center

Feb 1, 2011  Equatorial Guinea: Oil but No Rights, 2 http://www.africafocus.org/docs11/eq1102b.php
    "Obiang's eldest son, Teodorin, bought a $35 million property in California in 2006. In 2004, he spent about $8.45 million for mansions and luxury cars in South Africa. His only known income was a $4,000 monthly salary as a government minister. His $43.45 million in spending on his lavish lifestyle from 2004 to 2006 was more than the $43 million the government spent on education in 2005." - Human Rights Watch

Feb 1, 2011  Equatorial Guinea: Oil but No Rights, 1 http://www.africafocus.org/docs11/eq1102a.php
    "For the past three decades, Obiang has proudly presided over one of Africa's most devastating humanitarian and political disasters. With a per capita GDP comparable to Portugal or Korea, Equatorial Guinea's national income is the highest in sub-Saharan Africa - and yet over 60 per cent of the population struggle to live on less than a dollar a day. Since oil was discovered in 1995, President Teodoro Obiang's family and close associates have grown fabulously wealthy, while the majority of the population remain mired in poverty." - Abena Ampofoa Asare

Oct 19, 2010  Nigeria: Enabling Corporate Crime http://www.africafocus.org/docs10/nig1010.php
    A September U.S. Court decision dismissed a case against Shell for human rights abuses in Nigeria, with the sweeping claim that corporations could not be held liable under international law for human rights abuses. And a UN Environmental Programme report on oil in the Niger Delta, due to be completed early next year and funded by Shell Oil, is reported to include, without alternate views, claims from Shell that 90% of oil spills from its facilities are due to sabotage or attempts at theft rather than to negligence.

Apr 12, 2010  Africa: Profiling Cash Drains http://www.africafocus.org/docs10/fin1004.php
    "Estimates [for the period 1970-2008] show that over the 39-year period Africa lost an astonishing US$854 billion in cumulative capital flight--enough to not only wipe out the region's total external debt outstanding of around US$250 billion (at end-December, 2008) but potentially leave US$600 billion for poverty alleviation and economic growth. Instead, cumulative illicit flows from the continent increased from about US$57 billion in the decade of the 1970s to US$437 billion over the nine years 2000-2008." - report by Global Financial Integrity

Feb 8, 2010  USA/Africa: Two to Tango http://www.africafocus.org/docs10/usa1002.php
    Corruption is not a solitary activity, and the networks that promote corruption are rarely confined to one country or one continent. For corruption in Africa, countries outside the continent enter the picture not only when foreign companies pay bribes for access. They are also a preferred location for stolen wealth. A newly released investigative report from a U.S. Senate Subcommittee provides four detailed case studies of funds from Equatorial Guinea, Gabon, Nigeria, and Angola, tracing connections to U.S. banks, lawyers, real-estate agents, financial institutions, and even a university.

Feb 2, 2010  Africa: Haiti's Debt in Context http://www.africafocus.org/docs10/hai1002b.php
    "Haiti was the only country in which the ex-slaves themselves were expected to pay a foreign government [France] for their liberty [in 1804]. By 1900, it was spending 80% of its national budget on repayments. ... In 1947, Haiti finally paid off the original reparations, plus interest. Doing so left it destitute, corrupt, disastrously lacking in investment and politically volatile." - historian Alex von Tunzelmann, in London Sunday Times, May 17, 2009

Apr 2, 2009  Africa: Global Economic Crisis, 1 http://www.africafocus.org/docs09/gec0904a.php
    "There is a need for developing countries to examine the options for national policy on each aspect of the economic crisis and to seek the appropriate policies. However, only some policy measures can be taken at national level, especially if the country is too small to rely on the boosting of domestic-led growth. Regional-level measures are important. And most critical are the reforms, actions and cooperative measures required at the international level." - Martin Khor, South Centre

Apr 2, 2009  Africa: Global Economic Crisis, 3 http://www.africafocus.org/docs09/gec0904c.php
    "The welfare of developed and developing countries is mutually interdependent in an increasingly integrated world economy. ...Without a truly inclusive response, recognizing the importance of all countries in the reform process, global economic stability cannot be restored, and economic growth, as well as poverty reduction worldwide, will be threatened. This inclusive global response will require the participation of the entire international community; it must encompass more than the G-7 or G-8 or G-20, but the representatives of the entire planet, from the G-192." - United Nations Commission of Experts on Reforms of the International Monetary and Financial System

Apr 2, 2009  Africa: Global Economic Crisis, 2 http://www.africafocus.org/docs09/gec0904b.php
    "The Group of 20 (G20) is making a big show of getting together to come to grips with the global economic crisis. But here's the problem with the upcoming summit in London on April 2: It's all show. What the show masks is a very deep worry and fear among the global elite that it really doesn't know the direction in which the world economy is heading and the measures needed to stabilize it." Walden Bello, Foreign Policy in Focus

Jul 1, 2008  Africa: Debt, Unfinished Business http://www.africafocus.org/docs08/debt0807.php
    "In May 1998, 70,000 people from across Britain and the world took part in one of the biggest demonstrations the UK had ever seen: a human chain around the Group of 8 (G8) summit in Birmingham, demanding an end to poor country debt. ... Significant amounts of debt cancellation have been secured for the world's poorest countries, making a real difference to the lives of millions of people in poor countries. .. [But] not all that has been promised has actually been delivered - and further, what was promised was far from enough." - Jubilee Debt Campaign

Feb 22, 2007  Zambia: Stop the Debt Vultures! http://www.africafocus.org/docs07/zam0702.php
    A High Court in Britain has rejected the claims of a U.S.-owned debt-collection firm to $42 million of debt from Zambia, but left open the door for the firm to get as much as $10 million to $20 million for the loan, which it purchased from Romania at a discount for less than $4 million. The firm is one of a number of "vulture funds" that specialize in buying up discounted third-world debt and then trying to collect the full sum.

Feb 9, 2007  Liberia: Debt Cancellation Overdue http://www.africafocus.org/docs07/lib0702.php
    Demonstrators delivered over 10,000 Valentine cards to the U.S. Treasury this week asking the U.S. Treasury Secretary to "have a heart" and cancel Liberia's debt. With the Liberia Partners' Forum in Washington scheduled for next week, even the International Monetary Fund (IMF) has stated that the debt is unsustainable. But more than a year after President Ellen Johnson-Sirleaf took office, Liberia is still being asked to repay arrears on accumulated debt.

May 30, 2006  Africa: Debt Relief Update http://www.africafocus.org/docs06/debt0605.php
    Debt relief has become a significant vehicle of resource transfer to countries under the World Bank/IMF HIPC program, concludes a new internal World Bank evaluation. But in eight countries completing the program, debt ratios already again exceed the Bank's sustainability level of 150 percent debt-to-exports ratio.

Feb 8, 2006  Africa: Fix Resource Leaks http://www.africafocus.org/docs06/abug0602.php
    "What matters for ensuring that governments have adequate resources to finance development are net flows. This means factoring in not just inflows ... but also what is lost to the rest of the world. Debt servicing is [only] one [such] outflow. ... Indeed, the reality of Africa is that the resources that leak out far exceed those that flow in." - Charles Abugre

Oct 27, 2005  Nigeria: Debt Deal Views http://www.africafocus.org/docs05/nig0510.php
    Nigeria has reached a new agreement on debt with its bilateral creditors, gaining $18 billion in debt cancellation at the price of $12 billion in payments over the next year and a new program of economic monitoring by the International Monetary Fund. Reactions to the deal are mixed.

Sep 22, 2005  Africa: Debt Deal in Question http://www.africafocus.org/docs05/debt0509.php
    "Arbitrary criteria have been used to exclude most countries from debt relief. While it may be politically expedient for powerful countries to pretend that only a small set of countries need debt cancellation, it is time to explode this myth." - Christian Aid

Jun 13, 2005  Africa: Debt Deal Substantive but Modest http://www.africafocus.org/docs05/debt0506.php
    G8 finance ministers have decided to write off 100% of stocks of debt owed to international financial institutions by 18 countries, including 14 in Africa. This decision, still to be ratified by the G8 summit in July and by the annual meetings of the IMF, World Bank, and African Development Bank in the fall, is estimated to cover some $40 billion in debt, with annual savings to the 18 countries coming to about $1.5 billion.

Jun 3, 2005  Africa: Gold Industry Blocking Debt Plan http://www.africafocus.org/docs05/gold0506.php
    "If you could improve the lives of hundreds of millions of the world's most destitute people with a program that might - just might - temporarily reduce the profits of the global gold industry, most people would probably think it is worth doing. Even most members of Congress. That's why it has been so disturbing to see gold producers strong-arm Congress and the White House into blocking just such a desperately needed measure." - The New York Times, June 3, 2005

May 25, 2005  Africa: Kenyan Bishops on Debt Cancellation http://www.africafocus.org/docs05/debt0505.php
    "The efforts at debt cancellation that were made till now could be compared to the scraps that Lazarus hoped he could feed on at the rich man's table: they are illusory promises without real substances. ...Giving to others scraps rather than what they deserve means basically treating them in a sub-human way, not as human beings!" - Catholic Bishops of Kenya, Pastoral Letter, May 17, 2005

Apr 12, 2005  Africa: Unions Call for Debt Cancellation http://www.africafocus.org/docs05/debt0504.php
    "In spite of positive rhetoric ... concrete actions [on new debt relief] have been delayed from meeting to meeting, in part because of disagreements between donor countries on the specific elements of an expanded debt relief initiative." In a new statement released in March, global unions joined other campaigners for debt cancellation in calling on international financial institutions to stop delaying and act for full debt cancellation for developing countries fighting poverty. But the prospects for action at this week's meeting of the World Bank and IMF remain uncertain.

Feb 8, 2005  Africa: Postponing Debt Decisions http://www.africafocus.org/docs05/debt0502.php
    Finance ministers of the G7 group of the world's richest countries, meeting in London from February 4 to 5, stated their willingness to consider "as much as 100 per cent multilateral debt relief" for the poorest countries. They also asked the International Monetary Fund (IMF) to consider how it might contribute to financing such debt relief. In theory, these could be significant steps forward. In practice, the G7 countries remain deeply divided. They disagree both about the political urgency and about the possible mechanisms for acting to free up more resources to fight global poverty.

Jan 18, 2005  Africa: Multilateral Debt Cancellation http://www.africafocus.org/docs05/dbt0501b.php
    "Given the urgency and need for immediate action, we urge the G8 to begin immediately and in particular for G7 finance ministers to reach agreement on 100 percent multilateral debt relief at their February 4th meeting," African finance ministers said in Cape Town after concluding a meeting with British finance minister Gordon Brown. But despite Brown's high-profile African visit, accompanied by pledges of debt cancellation and increased aid, debt campaigners still have questions about the details of Britain's plan and the will of other rich countries to act.

Jan 18, 2005  Africa: Debt Issue Unresolved http://www.africafocus.org/docs05/dbt0501a.php
    The first test this year for rich countries' willingness to act on world poverty is coming soon, as finance ministers from rich countries meet in London on Feb. 4. A new report from the United Nations has stressed the need for new investments in strategically targeted new investments through doubling aid (see http://unmp.forumone.com). But halting debt payments to international financial institutions could have even quicker effects, through freeing up resources for health, education, and other urgent needs.

Oct 4, 2004  Africa: Debt (Continued) http://www.africafocus.org/docs04/debt0410.php
    Despite an emerging consensus in favor of complete debt cancellation for the poorest heavily indebted countries, the G-7 group of rich countries failed this weekend to reach agreement on how to cancel the debt. Meanwhile a new UN report noted that between 1970 and 2002, African countries received some $540 billion in loans, paid back close to $550 billion in principal and interest, and still held debt of $295 billion at the end of 2002.

Sep 27, 2004  Africa: Reviewing the Bank http://www.africafocus.org/docs04/eir0409.php
    As the International Monetary Fund and the World Bank gather for their annual meetings on October 2 and 3, World Bank reports not yet released are said to indicate a continued failure of the Heavily Indebted Poor Countries (HIPC) program to provide debt sustainability, even by the Bank's own criteria. The U.S. and British governments are reported to have two competing plans for writing off more of the debt owed by the poorest countries.

Jun 13, 2004  Africa: Debt Update http://www.africafocus.org/docs04/debt0406.php
    Despite pre-summit news reports that rich country leaders gathered for the G8 summit might consider a British proposal for full cancellation of debt for poor countries, the summit only announced a two-year extension of the Heavily Indebted Poor Countries (HIPC) initiative. The Jubilee2000 USA Network and other groups reportedly flooded the U.S. Treasury Department with phone calls, and some officials were said to be considering the idea. But the White House was not convinced.

Jun 3, 2004  Zambia: Condemned to Debt http://www.africafocus.org/docs04/zam0406.php
    "The evidence suggests that the past twenty years of IMF and World Bank intervention have exacerbated rather than ameliorated Zambia's debt crisis. Ironically, in return for debt relief, Zambia is required to do more of the same. The country has been condemned to debt." - World Development Movement report

Feb 13, 2004  Ethiopia: Debt Relief Backstep http://www.africafocus.org/docs04/eth0402.php
    Ethiopia's debt is becoming more and more unsustainable, even under the narrow criteria used by international agencies to calculate what countries can afford to pay. Changes in interest rates and continued low coffee prices are projected to drive the value of the debt up to 220 percent of Ethiopia's exports, even after promised relief.

Feb 8, 2004  Africa: Who Owes Whom? http://www.africafocus.org/docs04/debt0402.php
    Rich-country finance ministers meeting in Florida this weekend focused on the sinking dollar and rising U.S. debt, cautioning against excessive volatility in currency markets. They also called for more reductions in the debt burdens of Iraq and Afghanistan, and warned debt-strapped Argentina to comply with International Monetary Fund policies. Africa's debt, estimated at more than $300 billion, was not on the agenda.

Nov 25, 2003  Africa: Debt Meeting Consensus http://www.africafocus.org/docs03/debt0311.php
    African experts meeting in Dakar under the auspices of the United Nations Economic Commission for Africa (UNECA) deplored the lack of a consolidated African position in response to global policy proposals that have vast economic implications for Africa. They agreed that current debt relief schemes are inadequate, that increased debt relief is the most effective way to provide rapid additional funding for development, and that additional measures were also essential to advance the globally acknowledged goals of ending proverty.

Nov 4, 2003  Senegal: Debt and Destruction http://www.africafocus.org/docs03/sen0311.php
    As the U.S. Congress approves $87 billion for the U.S. occupation of Iraq, long-standing promises by rich creditors to provide debt "relief" of some $49 billion for 42 countries remain unfulfilled, and largely off the radar screen for policymakers. Yet debt remains a crippling burden not only for the 34 African countries that qualify as Heavily Indebted Poor Countries (HIPC), but also for major African powers such as Nigeria and South Africa.

Nov 4, 2003  Africa: Debt and Deception http://www.africafocus.org/docs03/hipc0311.php
    As the U.S. Congress approves $87 billion for the U.S. occupation of Iraq, long-standing promises by rich creditors to provide debt "relief" of some $49 billion for 42 countries remain unfulfilled, and largely off the radar screen for policymakers. Yet debt remains a crippling burden not only for the 34 African countries that qualify as Heavily Indebted Poor Countries (HIPC), but also for major African powers such as Nigeria and South Africa.