PAUL AKIWUMI: How to beat the lack of data on illicit outflows draining Africa of capital and tax
Since the early 2000s, Zambia has reported Switzerland as destination for most of its copper exports, while Switzerland reports no similar imports
27 September 2020 - 18:32
Africa loses at least $40bn (R684bn) each year from the underinvoicing of commodity exports from the continent, according to the latest comprehensive data available. The size of trade gaps varies by country, but is relatively consistent by commodity group, with gold exports representing 77% of the total, followed by diamonds (12%) and platinum (6%).
The proceeds from trade underinvoicing and other illicit financial flows (IFFs) contribute to an average of $88.6bn per year of capital flight from Africa, which is wealth sent and held abroad...
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