How Illicit Financial Flows Rob Africa of Its Future

Every year, an estimated U.S.$88.6 billion, equivalent to 3.7% of Africa's GDP, leaves the continent as illicit capital flight, according to UNCTAD's Economic Development in Africa Report 2020. Illicit financial flows are movements of money and assets across borders which are illegal in source, transfer or use, according to the report. It shows that these outflows are nearly as much as the combined total annual inflows of official development assistance, valued at U.S.$48 billion, and yearly foreign direct investment, pegged at U.S.$54 billion, received by African countries - the average for 2013 to 2015.