DINNER PARTY INTEL: Water on Mars, but not a drop to drink
1. Riches flow out of Africa
Africa loses nearly $89bn a year in illicit financial flows such as tax evasion and theft. This nearly matches the combined annual inflows of development aid and foreign investment, a UN report shows. It is equivalent to 3.7% of Africa’s GDP. The report says nearly half of the $89bn is through the export of commodities such as gold, diamonds and platinum. The understatement of a commodity’s true value conceals trade profits abroad. This deprives developing countries of foreign exchange and erodes their tax base. The outflows are also associated with poor environmental outcomes...
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