Capital flight punctures economies, bleeding Africa out of $89b annually
From artisanal gold mines like this one in Niger, to billion-dollar deposits, Africa is endowed with reserves of precious metals and crude oil, and is a target for exploitation. AFP PHOTO
Minerals and extractives are the major contributors to illicit financial flows (IFFs) in Africa, robbing the continent of almost $88.6 billion annually in outflows.
The United Nations Conference on Trade and Development (UNCTAD) in its report released this week estimates the total illicit capital flight has surpassed what the continent receives in developing aid annually.
