The neoliberal narrative of growth in Africa

Abstract

The thinking in the high circles of global capitalism is that, thanks to its natural resources, Africa may have the key to solving the current crisis of capitalism. The Gulf of Guinea region is particularly targeted, because it is believed to contain the continent's largest reserves of crude oil. The neoliberal discourse of "Africa Rising” is further contradicted by the number of Least Developed Countries (LDCs) in Africa. The report also observes that in Africa, illicit financial flows originate mainly from extractive industries. In 2015, an estimated $40 billion of these flows were derived from the extractive sector. They are the largest component of illicit capital flight from Africa. The weakening of African States and the poor state of public services was most dramatically illustrated when the Coronavirus pandemic hit the continent. Illicit financial flows represent a major drain on capital and revenues in Africa, undermining productive capacity and Africa's prospects for achieving the Sustainable Development Goals. © 2022 selection and editorial matter, Fernando López-Castellano, Carmen Lizárraga and Roser Manzanera-Ruiz;individual chapters, the contributors.