The World Bank’s role in the systematic looting of Africa

A new World Bank report, The Changing Wealth of Nations 2018, documents Africa’s impoverishment by rampant minerals, oil and gas extraction. Yet the bank enforces the foreign loan repayments and trans-national corporate profit repatriation that sustain the looting. Using "natural capital accounting", the bank derives "adjusted net savings", to better measure economic, ecological and educational wealth. This is preferable to "gross national income" (GNI), a minor variant of gross domestic product (GDP). GNI fails to consider depletion of non-renewable natural resources and pollution, not to mention unpaid women’s and community work. The bank concludes that Sub-Saharan Africa loses about $100bn worth of adjusted net savings annually. It is "the only region with periods of negative levels — averaging negative 3% of GNI over the past decade — suggesting that its development policies are not yet sufficiently promoting sustainable economic growth … Clearly, natural resource depletion is o...