By Firoze Madatally Manji, Stephen Marks
A lot latest statement on China in Africa specializes in the vested pursuits of the West whereas the voices of self sufficient African analysts and activists were misplaced. In a distinct choice of essays, the participants to this ebook current African social, historic, and cross-continental views on chinese language involvement in Africa. members contain Ali Askouri, Horace Campbell, Michelle Chan-Fishel, Moreblessings Chidaushe, John Blessing Karumbidza, Daniel huge, Anabela Lemos, Firoze Manji, Stephen Marks, Ndubisi Obiorah, Kwesi Kwaa Prah, Daniel Ribeiro, and John Rocha.
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Extra info for African perspectives on China in Africa
In addition, Africa is not only loosing money through corruption and other money laundering activities but it is also the victim of a distorted international economic system. These issues are not adequately addressed by the EITI and other initiatives proposed by the international community. It would be in Africa’s best interest to use the opportunity presented by the greater interest in the continent’s natural resources to put in place adequate policies, laws, regulations and systems to effectively manage not only the act of extracting resources but also the manner in which the products of the extraction processes are managed.
This brings us to the broader debate on capital flight. While it is correct that the revenue pilfered from Africa by 26 THE EXPLOITATION OF AFRICA’S NATURAL RESOURCES its elites represents a major challenge to the economic growth and sustainable development of the continent, the haemorrhaging of money away from the continent also takes place in other forms. According to Raymond Baker, a renowned researcher on these matters, mispricing and transfer pricing are some of the tricks used to move money out of developing countries.
6 Gabon is now selling one-fifth of its annual oil output to China. 7 It is reported that the value of this has since risen to almost U$9 billion. The general agreements focus particularly on enhancing Chinese–Angolan 21 AFRICAN PERSPECTIVES ON CHINA IN AFRICA cooperation in the oil and gas as well as mineral resources sectors. Three definite oil agreements were signed whereby Sonangol, Angola’s state oil company agreed to supply oil to China’s Sinopec oil company. This was supplemented by agreements for Sonangol and Sinopec to jointly evaluate Angola’s offshore Block 3 as well to study plans for the development of a new oil refinery in Angola.