Africa lost $836bn (£650bn) in illegal movement of money out of the continent in the 15 years to 2015, a new report by the UN agency for trade and development (UNCTAD) estimates.
Compared with Africa’s total external debt of $770bn in 2018, this makes Africa a “net creditor to the world”, the report notes.
The illegal outflow of money is mainly related to the export of high-value goods such as gold, diamonds, and platinum. Revenues are lost through corruption, theft and tax evasion.
“Illicit financial flows rob Africa and its people of their prospects, undermining transparency and accountability and eroding trust in African institutions,” said UNCTAD Secretary-General Mukhisa Kituyi.
The report cautions that although the amounts of the illegal flows are large, the figures could underestimate the problem and its impact.
The report notes that the the loss undermines African government's ability to provide services like healthcare, education, and infrastructure.
“Illicit financial flows and corruption are inhibiting African development by draining foreign exchange, reducing domestic resources, stifling trade and macroeconomic stability and worsening poverty and inequality." the UNCTAD secretary-general said.
Latest Stories
-
Expansion Drive: Takoradi Technical University increases faculties
41 minutes -
SHS heads demand payment of outstanding funds before reopening of schools
1 hour -
We thank God for the 2024 general elections – Akufo-Addo
2 hours -
Coconut Grove Beach Resort marks 30 years of excellence with memorable 9 lessons & carols service
2 hours -
WAFU B U-17 Girls’ Cup: Black Maidens beat Nigeria on penalties to win inaugral tournament
2 hours -
Real Madrid beat Sevilla to keep pressure on leaders Atletico
4 hours -
Liverpool put six past Spurs to go four points clear
4 hours -
Manchester United lose 3-0 at home to Bournemouth yet again
4 hours -
CHAN 2024Q: ‘It’s still an open game’ – Didi on Ghana’s draw with Nigeria
4 hours -
CHAN 2024Q: Ghana’s Black Galaxies held by Nigeria in first-leg tie
5 hours -
Dr Nduom hopeful defunct GN bank will be restored under Mahama administration
5 hours -
Bridget Bonnie celebrates NDC Victory, champions hope for women and youth
5 hours -
Shamima Muslim urges youth to lead Ghana’s renewal at 18Plus4NDC anniversary
6 hours -
Akufo-Addo condemns post-election violence, blames NDC
7 hours -
DAMC, Free Food Company, to distribute 10,000 packs of food to street kids
8 hours