01172nam a2200133 4500 Nkomo, Dumisani Why Africa is so poor yet so rich Bulawayo Southern Eye 2014. 3p The media article relates the greatest challenges facing Africa to its oxymoronic economic state where the continent on one had boasts unequalled natural resource endowment and yet on the other the continent continues to labour under the yoke of poverty and underdevelopment. Interestingly, Africa has lost between $1,2 trillion to $1, 4 trillion in a 30-year period from 1980 to 2009. This is in spite of the fact that Africa contributes almost 42% of the world’s gold reserves not to mention a significant proportion of the world’s diamond, chrome and platinum deposits. Beneficiation and value addition will reduce the dependence on developed countries hence curtailing illicit financial flows out of Africa and the developing world. CAPITAL FLIGHT CAPITAL OUTFLOW COUNTERFEITING ILLICIT WEALTH SMUGGLING TAX EVASION http://iffoadatabase.trustafrica.org/iff//why_africa_is_so_poor_yet_so_rich.pdf NA 332 332