Africa loses more to theft than it receives in development aid
The UNCTAD report shows Africa is a ‘net creditor to the world’, echoing economists' views that it is a net exporter of capital because of these trends
29 September 2020 - 10:37
Geneva — Africa is losing nearly $89bn a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a UN study showed on Monday.
The estimate, in the UN Conference on Trade and Development's (UNCTAD) 248-page report, is its most comprehensive to date for Africa. It shows an increasing trend over time and is higher than most previous estimates...
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