Africa’s Odious Debts: How Foreign Loans and Capital Flight Bled a Continent has been highly praised for providing a compelling analysis of the problem of capital flight, one of the structural problems that perpetuate Africa’s low performance and its economic dependence.
In addition to serving as the director for the African Development Policy program in the UMass Amherst Political Economy Research Institute (PERI), Ndikumana (above) is a member of the United Nations Committee on Development Policy. Ndikumana believes strongly that good policy is based on good research; that their union is essential to the formation of sound policies in developing nations around the world.
In 2011, Ndikumana was appointed as the first Andrew Glyn Professor of Economics, an endowed chair held jointly in PERI and the Department of Economics. Ndikumana embodies the spirit of the late economist Andrew Glyn—British scholar, researcher and activist known for tackling real-world problems with a commitment to social justice.
Ndikumana recently co-authored a book with PERI colleague James Boyce entitled, Africa’s Odious Debts: How Foreign Loans and Capital Flight Bled a Continent. The book has been highly praised for providing a compelling analysis of the problem of capital flight, one of the structural problems that perpetuate Africa’s low performance and its economic dependence.
“This [capital flight], we find, is a severe drain on African economies. This is almost like a paradox…at the same time capital is fleeing the continent, the continent needs a lot of money,” Ndikumana says.
Ndikumana is uniquely equipped to address these research problems because of his extensive experience in the field, to which he attributes a large part of his academic success. He served as Chief of Macroeconomic Policy Analysis for the United Nations Economic Commission for Africa for two years, and consecutively the Director of the Department of Development Economics Research and Director of the Department of Operational Resources and Policy at the African Development Bank for three years—a period of time he refers to as his “other” doctoral work.
“It was actually a big eye opener as to how little I knew about Africa…being in the field was like going to another school—like life economics,” Ndikumana says.
Ndikumana is employing this expertise at PERI as he researches the role of financial systems in promoting development in African countries. His work has uncovered large African populations without access to even the most basic financial resources, such as bank accounts and loans. Ndikumana says there is a huge disparity there—small business owners are the ones charged with providing employment, yet many African countries lack the required resources to invest and create investment.
Ndikumana says that researchers in the US are just beginning to broach the issues that plague African countries. For this reason he was inspired to return to UMass to contribute to expanding teaching and research on Africa.
“The idea is to give a chance to the UMass community to actually see what are the burning issues in African development and how we can get engaged, and hopefully inspire students to do research in these areas. I think it’s a huge opportunity for us,” says Ndikumana.
“I see ourselves trying to develop a convening space for a dialogue on African development—that’s my dream. If people could see UMass as a place where they can come and actually breathe African development policy...that’s what I would like to see,” Ndikumana says.
Amanda Drane '12