Illicit flows have been a consistent and crippling problem in African countries. The Global Financial Integrity study found that illicit funds from the continent have continued to ratchet upwards every decade since the 1970s at an average rate of 12 per cent per year. In fact, Africa is a net creditor to the world – it ‘gives’ back to the world through illicit capital flight at least twice, and in some regions thrice, the amount of capital it receives in external assistance. No wonder, then, that this staggering loss of capital seriously hampers Africa's efforts at poverty alleviation and economic development, decade after decade.
Friday, June 4, 2010
Pambazuka - Plugging Africa's leak: