Why Combatting Illicit Financial Flows Must Be Africa’s Top Priority

In 2020, Africa lost an estimated $89 billion annually to illicit financial flows (IFFs), amounting to 3.7% of the continent’s GDP and surpassing total foreign aid. These outflows, originating from tax evasion, corruption, and trade mis-invoicing, deprive nations of vital investments in education, healthcare, and infrastructure, deepening inequality and weakening social contracts. Despite efforts to address corruption and IFFs, including ratification of international conventions and establishment of anti-corruption agencies, more robust measures are needed to combat this global injustice and promote transparency and accountability.

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