Africa: Moves to Tackle Africa's 'Resource Curse' Reach Turning Point

press release

Sweeping measures to improve transparency and governance are urgently needed to end a scandal that has seen Africa lose an average of $1 billion every week for the past 30 years in illicit financial flows, says Oxfam.

Oxfam executive director Winnie Byanyima will also say today at a special public meeting of political, business and civil society leaders that this hemorrhage of Africa's money - up to $1.4 trillion was lost from 1980-2009 according to recent Africa Development Bank figures[source], or between $50-60 billion each year[source] - requires a global solution, not solely an African one.

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