Poverty and inequality in Africa also increased as a result of the structural-adjustment programmes imposed by the Bretton Woods institutions after the debt crises of the 1980s and 1990s.
Free-market reforms had to be coupled with austerity measures that decreased public spending, thereby deepening inequality. Critics also accuse developed countries of using structural adjustment programmes as a tool ofby conditioning their loans on reforms that open up developing markets to exploitative investments by their multinational corporations.
To profit from these foreign investments and retain capital for tackling poverty and inequality, Africans governments must reduce or eliminate the tax incentives and exemptions they award to multinational corporations in the name of attracting investments. Aby the Tax Justice Network-Africa and Action Aid found that the majority of these corporations would invest in Africa even without tax breaks. According to the report, Ghana, Nigeria, and Senegal lose as much as $5.
African countries must also stanch the flight of capital from these multinational corporations to tax havens by reviewing, renegotiating, or cancelling tax treaties that expose them to profit-shifting or treaty-shopping. Africa loses at leastthrough illicit financial flows — more than the official development assistance it receives.
Africa’s capital is not lost to foreign entities alone, but also to corrupt African elites and politicians, many of whom enter politics with the main objective of plundering their states. African journalists and ordinary citizens must expose corruption and agitate for justice to be meted out to offenders. A case in point is the daughter of Angola’s former president,
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Faf du Plessis: ‘All lives don’t matter UNTIL black lives matter’Former Proteas captain Faf du Plessis has made it clear that all lives don’t matter until black lives matter‚ as the middle order batsman became the fourth white player‚ but probably the most significant one in the Proteas setup‚ to stand up for the Black Lives Matter movement.
Source: TimesLIVE - 🏆 28. / 59 Read more »
The problem with Hollywood’s relationship with Black Lives MatterIn signing a deal for a docuseries with Colin Kaepernick, Disney has decided that backing the antiracism campaign is profitable
Source: BDliveSA - 🏆 12. / 63 Read more »
How Lungi Ngidi's stance on Black Lives Matter prompted mixed reactions: five must-read storiesLungi Ngidi's Black Lives Matter stance lifted the lid on racism in cricket this week
Source: TimesLIVE - 🏆 28. / 59 Read more »
The problem with Hollywood’s relationship with Black Lives MatterIn signing a deal for a docuseries with Colin Kaepernick, Disney has decided that backing the antiracism campaign is profitable
Source: BDliveSA - 🏆 12. / 63 Read more »
Cricket Boland 'stands in solidarity' with the Black Lives Matter movementThe BLM resonates with our founding and deeply ingrained values of non-racialism and non-sexism. Our organisation’s entire program, from the modified cricket program with over 10,000 participants to our flagship T20 events, are infused with the values of equity and transformation.
Source: IOL - 🏆 46. / 51 Read more »
Black Lives Matter takes centre stage as cricket returns in Solidarity CupThe Black Lives Matter movement took centre-stage at the 3TeamCricket tournament for the Solidarity Cup that was deservedly won by the AB de Villiers-led Eagles.
Source: SowetanLIVE - 🏆 13. / 63 Read more »