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Hemorrhage of Illicit Financial Flows in Africa

by Mthuli Ncube
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The direct and indirect consequences of the illicit financial flows (i.e. reduced investment and revenues for health, education, employment, income etc.) are major constraints for Africa’s transformation. The high corruption coupled with the risk and uncertainty of the domestic economy weakens the economic and social measures put in place, henceforth limiting the prospect for more inclusive growth. The incentives for illicit financial transactions are closely related to the high rates of savings and investments, particularly the private sector. The estimated resources leaving the African continent in the form of illicit financial transfers is significant, and such resources could be mobilized and invested into Africa’s transformation plan.
Taxonomy Keywords Capital outflows

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