Friday, 18 April 2014

Illicit Financial Flows: Africa’s hemorrhage of funds

"Today, the term “illicit financial flows” has not only become a catchy phrase often used in global summits, but also significant in the international political economy thesaurus. Illicit Financial Flows (IFFs) cause nerve-racking damage to Africa’s economic development. IFFs have caused Africa’s financial hemorrhage, which threatens Africa’s development and future of African continent. Economic development in Africa is stunted as significant funds that could be spent on infrastructure projects and social delivery services are darted out of Africa through IFFs. These funds are higher than the official development assistance (ODA) that flow into Africa. Efforts by African economies to build democratic institutions and improve public finances are clearly smothered by the scale and systematic operations of IFFs."

Read full article on News24

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