We don't see the money that is being generated from oil having direct impact on people's livelihoods," said Isaac, Angola program manager of the Open Society Initiative for Southern Africa. "Angola makes a lot of money out of oil, there is no doubt about this," he added. "Angola is one of the few countries that can really pay its national budget without any donor funding, which is great. But where this money goes, that's the biggest issue. To say that it's not being stolen would not be true to the situation, because if the oil money was not being stolen, we could have better social services in this country. Someone is taking it."
Africa's natural resource wealth has certainly fueled a decade of rapid growth, but most Africans have still not seen the benefits.
Democratic Republic of the Congo lost an estimated US$1.36 billion through the systematic undervaluation and sale of nationally owned mineral assets to unknown buyers. These losses were equal to more than double the combined 2012 budget for health and education in a country that has some of the world's worst malnutrition, its sixth highest child mortality rate, and over seven million children out of school.
Africa has too often received an unfair return on its mineral resources. At the beginning of this century, for example, half a million Zambians in the mining sector were paying a higher tax rate than the multinational companies they were working for.
Africa loses more money each year through tax avoidance than it receives in either international aid or foreign direct investment.