In the Independent, Vince Cable complains that Africa sees little of the vast profits from its natural resources:
Each year, international oil, gas, forestry and mining companies make large payments to the governments of resource-rich developing countries, though their citizens see very little of it. Charities have estimated that in Africa this income is six times greater than the aid the continent receives. Where does all this money go?
Too much of it is siphoned away from those who need it most and lodged into foreign bank accounts and offshore tax havens. These vast sums of money that disappear into the coffers of bent politicians and bureaucrats are part of a culture of corruption that is fuelled by a lack of transparency. Instead of being used to fight poverty, boost economic growth and improve social conditions, this money often funds wars and personal vanity projects.
You can read the full article here.
* Paul Walter is a Liberal Democrat activist. He is a councillor and one of the Liberal Democrat Voice team. He blogs at Liberal Burblings.