Africas Odious Debts: How Foreign Loans and Capital Flight Bled a Continent Ndikumana Lonce

In Africa's Odious Debts, Boyce and Ndikumana reveal the shocking fact that, contrary to the popular perception of Africa being a drain on the financial resources of the West, the continent is actually a net creditor to the rest of the world. But Africa's foreign assets remain private and hidden, while its foreign debts are public, owed by the people of Africa through their governments.L once Ndikumana and James K. The extent of capital flight from sub-Saharan Africa is remarkable: more than $700 billion in the past four decades.

Of the money borrowed by African governments in recent decades, more than half departed in the same year, with a significant portion of it winding up in private accounts at the very banks that provided the loans in the first place. Boyce reveal the intimate links between foreign loans and capital flight. Meanwhile, debt-service payments continue to drain