Africa: $50 billion US in illicit funds leaves Africa each year

| July 6, 2015

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Africa could create jobs, improve social services and cut poverty if its governments could stem the US$50 billion a year lost in illicit outflows, according to campaigners.

Tendai Murisa is executive director of Trust Africa, a development organization based in Senegal. He says, “Africa is bleeding. We are tired and we have had enough.”

A UN panel led by former South African president Thabo Mbeki estimates that the yearly outflow of funds is double the official development aid that flows into the continent.

Campaigners say activities by multinationals account for 60 per cent of the lost revenues. Criminal activities such as trafficking and poaching account for a further 30 per cent, and corruption for 10 per cent.

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Photo: A trader displays new Congolese currency bills in the Democratic Republic of Congo’s capital Kinshasa. Credit: Trust