Africa is losing nearly $89bn a year in illicit financial flows (IFFs) such as tax evasion and theft an estimate, published by the United Nations Conference on Trade and Development. It shows an increasing trend over time and is higher than most previous estimates and it is most likely an underestimate.
$88.6 billion is equivalent to 3.7 per cent of the continent’s GDP. This shows that these outflows are nearly as much as the combined total annual inflows of official development assistance, valued at $48 billion, and yearly foreign direct investment, pegged at $54 billion, received by African countries – the average for 2013 to 2015. From 2000 to 2015, the total illicit capital flight from Africa amounted to $836 billion. Compared to Africa’s total external debt stock of $770 billion in 2018