Africa loses $50b annually to foreign banks– Mbeki

Former South African President, Mr. Thabo Mbeki said that African leaders launder about $50 billion into foreign banks annually. Mbeki made the revelation in Abuja Nigeria. He lamented that African leaders launder about $50 billion every into foreign banks with little interest to show for it at the end. He argued that the deposits, if made in African banks, especially the African Development Bank, would make more impact in building infrastructure across the continent, and called on African leaders to consider the interest of Africa before embarking on huge investment in foreign countries. The former South African leader also challenged African leaders to stop relying on foreigners in resolving their conflicts, saying that Africans have the capacity of tackling their disputes without external aid.

 ‘‘African leaders are said to be deposing about $50 billion annually into foreign banks. This is not positive to the African economy. The African development Bank said  with a little percentage of the deposits, it would build necessary infrastructure in Africa. These monies are not yielding much interest because the host countries tax them heavily. It is important Africans know these and begin to change that attitude.’’