Huge sums of money flowing out of Africa through corrupt practices and illegal means are robbing the continent of billions of dollars and hampering efforts aimed at achieving the Sustainable Development Goals, a new UN report said.
The report by the United Nations Conference on Trade and Development (UNCTAD) estimates illegal cash flowing out of Africa at $89 billion annually. The outflow nearly matches the total annual inflow of cash received as development assistance and foreign direct investment.
The 248-page report is the most comprehensive to date for Africa, showing that nearly half of the $89 billion is accounted for by the export of commodities such as gold, diamonds and platinum. According to the report, gold accounted for 77 percent of total under-invoiced exports worth $40 billion in 2015.