Billions of Dollar Leave the African Continent in IFFs
A new report from United Nations Conference on Trade and Development or UNCTAD showed that IFFs of illicit financial flows have deprived Africa of the much need finance for development to achieve its goals for progress.
According to the 2016 UNCTAD Economic Development in Africa Report between 1970 and 2008 total US854-billion or approximately R12218-billion has left Africa in illicit financial flows.
The amount is a big one because even one third of that amount could help Africa pay its 2008, external debt. According to estimates, the amount is equal to the official development assistance which Africa received during that period.
According to Laura Paez of UNECA's chief investment policy section, regional integration and trade division, "One concern that the report explains is that illicit financial flows are growing at a very fast pace of 20-percent per year which makes Africa unfortunately today the region with the highest share over IFFs as percentage of GDP."
In short, curbing IFFs is a likely means to triumph over the development problems in the African continent. An effective system of customs administration keeping track of volume and value of trade deals by the countries could be a possible way to curb IFFs.
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