In his review of the G20 summit (African Business, May 2009 issue), Anver Versi makes mention of the contribution tax havens have had to hindering Africa's development. If I might put it another way, the so-called 'wealth' of the African elite is a significant factor in the current global economic turmoil.
This issue does not seem to have been sufficiently recognised by the G20. There is no point for them to call for supervision of the banks when corrupt politicians still have the power to use them for their own ends. As Versi rightly points out, visionary rhetoric is useless if the old systems remain in place. Africa needs a new system that is transparent and accountable.
Africa also needs to obtain justice from the banks and other financial institutions that have provided the hiding places for our leaders' ill-gotten gains. That...