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.

Documents

InFocus

UNCTAD Twitter image to illustrate the release of their Economic Development in Africa Report for 2020.

Follow AllAfrica

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.