Why the wealth of Africa does not make Africans wealthy

Story highlights

  • The book 'The Looting Machine' documents resource extraction across Africa
  • Resource dependency is often linked to repressive regimes
  • Author demands reform of offshore banking system exposed in 'Panama Papers'

(CNN)Katanga province in the Democratic Republic of Congo is blessed with enormous natural wealth, including vast deposits of precious minerals such as diamonds, gold, and tantalum.

Katanga saw a spectacular mining boom around the turn of the century, when President Laurent-Desire Kabila and then his son Joseph licensed international mining companies to tap its treasures.