Audio By Carbonatix
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
-
Sports Minister Kofi Adams backs ‘Walk With Lexis’ set for December 6
5 minutes -
Milo U13 Championship reaches quarter-final with thrilling match-ups
1 hour -
From glut to growth – John Dumelo says value addition is the way forward
2 hours -
Feed Ghana, feed industry – Deputy Agric Minister Dumelo outlines new direction
3 hours -
Agric glut was political, not strategic – Chamber of Agribusiness Ghana boss warns of lost livelihoods
3 hours -
Food glut situation is no victory – Chamber for Agricbusiness Ghana CEO warns
3 hours -
Was Prince Harry referencing Trump in joke for Late Show sketch?
4 hours -
Arrest over fire petition stirs public debate in Hong Kong
4 hours -
Man who killed ex-Japan PM Shinzo Abe apologises to his family
4 hours -
Police recover $19k Fabergé egg swallowed by NZ man
4 hours -
Ireland among countries boycotting Eurovision after Israel allowed to compete
4 hours -
Grand jury declines to charge Letitia James after first case dismissed
5 hours -
Tanzanian activist blocked from Instagram after mobilising election protests
5 hours -
‘Not becoming of a president’: Somali-Americans respond to Trump’s ‘garbage’ remarks
5 hours -
More than 300 flights cancelled as Indian airline IndiGo faces ‘staff shortage’
5 hours
