ment on the African continent. Much of the
money that leaves Africa and is held in foreign
accounts has been embezzled by corrupt rulers
and government officials. For example, Felix
Houphouet-Boigny, the late president of Côte
D’Ivoire, was reputed to have amassed a personal
fortune of US $12 billion. In 1983 he declared:
“I do have assets abroad. But they are not assets
belonging to Côte d’Ivoire. What sensible man
does not keep his assets in Switzerland, the
whole world’s bank? I would be crazy to sacrifice
my children’s future in this crazy country without
thinking of their future.”93