Senegal President Faye Shocks The West Announces Audit Of Oil, Gas And Mining Sectors.

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Have you heard of the word “illicit financial flows”? It's an economic term that means the illegal movement of money from one country to another that is illegally earned, transferred and used. A good example is the millions of dollars looted by corrupt African politicians and sent to offshore accounts in the UK, US, or Swiss. Now, a 2023 report revealed that over the last 50 years, Africa has lost over $1 trillion in illicit financial flows, an amount that is equal to the total amount received by Africa from the West in the form of financial aid. Now, the general idea is that the majority of the illicit financial flows in Africa stem from the money looted by corrupt African politicians. As shocking as it is, if you put all the money that has been stolen by corrupt African politicians together, it's a mere 3 percent of the total illicit financial flows that have occurred in Africa. Guess where the majority comes from? Foreign Western companies. According to estimates by Global Financial Integrity, corrupt activities such as bribery and embezzlement of public funds constitute only about 3% of illicit outflows as we have said. Criminal activities such as drug trafficking and smuggling make up 30% to 35% while Foreign MNCs, take a whopping 60% to 65% of illicit outflows.

Not to support the activities of corrupt African politicians, but the amount they steal is insignificant compared to what these Western companies that are supposed to aid in the development of African countries, steal every year. And, they do this every year, through tax evasions and unfavorable mining contract deals. These contract deals ensure that the company gets the most benefit at the expense of the government and the citizens. Governments in African countries are aware of this issue but because they are trying to attract foreign direct investment which in theory is supposed to boost economic growth, they can't really do much. However, new African leaders who care more about the sovereignty of their countries and believe that natural resources belong to the people, are rising and are beginning to change how things have been done. Ibrahim Traore, the youngest President of the world and the president of Burkina Faso is one such African leader who has taken charge of the mining industry in Burkina Faso. Another such leader who seems to be moving in a similar direction is Bassirou Diomaye Faye, the President of Senegal and the youngest elected President in the world.