According to this figure FDI and recorded remittances appear to be trending in the right direction. Official aid and portfolio equity and private debt are not.
For more on this check out the World Bank’s new book (digital copy) on how Africa can leverage immigration to boost its growth prospects.
It’s important to remember that while overall these numbers may look encouraging, the problem of illicit capital outflows still plagues Sub-Saharan Africa (and other developing regions); and serves as an impediment to growth. Between 1970-2008 the region hemorrhaged an average of over $22b annually. Various studies (including this one) estimate that the private wealth held by Africans in tax havens and other shady depositories abroad may be upwards of $270b.
Here is an excerpt of a piece I have written over at African Arguments:
“While it might be too early to ascertain the full political impact of the ICC’s ruling, there is no doubt that it will provide a real test to Kenyan institutions – especially the judiciary. The courts will have to decide, amid intense political pressure, whether or not the accused are fit to hold public office and by extension whether those that want to can run for president. Ultimately, however, a lot will turn on the decisions made by President Kibaki. Will he stand by his trusted lieutenants in Muthaura and Kenyatta or will he bow to public pressure and ditch them in an attempt to secure his legacy?”