Africa: Continent Losing Billions Through Multinationals

Multinational corporations operating in Africa are involved in illicit transfer of most of the $ 1.5 trillion they make in Africa each year back to the developed countries, hurting African economies in the process, a new report shows.

The report on Illicit Financial Flows from Africa: Scale and Developmental Challenges blames multinational corporations for draining hard currency reserves from the continent, stimulating inflation, reducing tax collection and deepening income gaps.

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