Inequality in Africa is rising to dangerous levels and unless checked will undermine the usefulness of economic growth on the continent.
Oxfam warns that in spite of the advances made in the last decade, Latin America and the Caribbean remains the region of highest wealth inequality in the world. Its elites continue to accumulate extreme wealth and excessive power.
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.
If G20 nations were hit as hard by corporate tax dodging as Africa, they’d have a $1.2 trillion hole in their budgets.
Multinational tax evasion is entrenching poverty and weakening developing country economies, Oxfam has warned ahead of the G20 leaders meeting in Russia to chart a plan for boosting global economic growth.
Oxfam welcomes today’s European Parliament vote in favor of legislation which will oblige EU-listed and non-listed big oil, gas, mining and logging companies to declare payments they make i
European leaders failed today to meet the expectations they had raised of cracking down on tax dodging at a summit in Brussels. In reaction, Catherine Olier, Oxfam’s EU Policy Adviser, said:
Meeting today in Brussels, European Finance Ministers failed to take bold action against tax evasion and avoidance, leaving a great deal still to be achieved at next week’s EU leaders’ summ