Corporate Powers Set to Reap Untold Billions from Africa

Corporate Powers Set to Reap Untold Billions from Africa

 

Tax avoidance, secret mining deals and financial transfers are depriving Africa of the benefits of its resources boom, ex-UN chief Kofi Annan has said.

Firms that shift profits to lower tax jurisdictions cost Africa $38bn (£25bn) a year, says a report produced by a panel he heads.

“Africa loses twice as much money through these loopholes as it gets from donors,” Mr Annan told the BBC.

It was like taking food off the tables of the poor, he said.

The Africa Progress Report is released every May – produced by a panel of 10 prominent figures, including former Nigerian President Olusegun Obasanjo and Graca Machel, the wife of South African ex-President Nelson Mandela.

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