Failure by African nations to prevent the outflow of capital and tax evasion costs the continent R500 billion annually, said former South African president, Thabo Mbeki, speaking at the Pan African Parliament (PAP) last week.
Mbeki, who serves as the chairperson of the African Union's panel on illicit financial flows, noted that the figure excluded elements such as trading services and intangibles, bribery, trafficking drugs, firearms and people.
"These outflows are of serious concern, given inadequate growth, high levels of poverty, resource needs and the changing global landscape of developmental assistance," said Mbeki, adding that the amount of money leaving the continent every year was estimated to be enough to finance the African Development Bank's infrastructure requirements.
‘Illicit outflows cost Africa R500bn annually’
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