Posts Tagged ‘Illicit Financial Flows From Africa’

Infographic:Africa’s Largest Economies By GDP.(Of MNCs Bleeding A Continent)..(Link).

A United Nations Economic Commission for Africa report probing illicit financial flows from Africa says that the continent has lost an estimated $854bn from 1970-2008.This trend worsened between 2000-2011 with the average illicit flows amounting to $50bn per year.Another report by Global Financial Integrity puts the amount of money lost by the EAC countries combined at 1.33bn over the past decade.The UNECA(United Nations Economic Commission for Africa) report which was compiled by a high-level panel chaired by former South African president,Thabo Mbeki,points an accusing finger at Multinational Corporations.Your guess is as good as mine though,other players exist in this massive continental bleeding.As regards aid,for every $1 received in aid,$10 is lost in  illicit financial transfers.

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Pressed from Reflections of A Pan-Africanist: