How Africa was forced to accept ‘robbery’

[AlphaCentauri]

Source: TEA

A new report released in Nairobi last week, Breaking the Curse: How Transparent Taxation and Fair Taxes can Turn Africa’s Mineral Wealth into Development, paints a grim picture of the continent’s mining sector, saying, “Alleged tax evasion practices by mining companies, have robbed African treasuries of millions of dollars of forgone tax revenue from the mining industry.” The study attributes the huge losses to a lack of transparency and inability by national institutions to audit the accounts of multinational mining companies.

In addition, mining companies have succeeded in “pushing for tax breaks in secret mining contracts, amounting to aggressive tax avoidance…As a result, the citizens of mineral-rich countries continue to live in poverty, and are in some cases subject to violent conflict fuelled by the wealth generated from mineral resources as is the case today in the eastern DRC. “ The report refers to this scenario as the “resource curse.”

The “curse” manifests itself in the fact that countries with the greatest mineral wealth happen to be the poorest and the worst governed. In addition, mineral wealth in such countries as DRC, Angola and Sierra Leone has fuelled and helped prolong bloody internal conflicts.

The irony is that there was a time when African countries actually benefited immensely from their mineral wealth.



Read more: http://www.theeastafrican.co.ke/news/-/2558/553952/-/rj1v74z/-/

[tabatha]

1. Yes, Africa was robbed and its cultures destroyed.

That is why it is a mess.

Looks like "free markets" prevailed there for the rich.

Edited to add:

The men employed in the mines in SA were separated from their wives and families for months/years on end.
Culture shock and destruction.

[BumRushDaShow]

2. This whole situation is sad

sad, sad.

The exploitation of these countries by the multinationals and their inability (or unwillingness) to nationalize their resources (and maintain control of them, such as what the Arab and some South American countries have done with their resources), continues to keep the continent on the bottom rung of the world. A once-mighty continent over a thousand years ago, she has truly fallen on some hard times after colonization and a disastrous post-colonial era.

[Sultana]

3. Those who have robbed us will pay in the end

If there is truly a Almighty God, he must punish them.

Rise up, Africa!

:-(

[ohio2007]

4. Don't look now but China is rising up and taking their place as the next landowner of Africa

[Sultana]

6. Shhhhh, don't remind me

:mad:

Sigh

[underpants]

5. Government is supposed to be the place to force protection from past or future acts of people

people organized or otherwise

this is clear example of how the fundamental role of government has been changed.

[ohio2007]

7. China Gains Key Assets In Spate of Purchases. Oil, Minerals Are Among Acquisitions Worldwide

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3786067

depends on which government you are talking about

[Karenina]

8. This looks like a job for the IMF!!!