By Hamisu Muhammad
Illicit financial flows from Africa cost the continent roughly $555.6bn (N88.73trillion) annually over the past decade, Global Financial Integrity (GFI) has said.
The group said as African leaders converge on Washington this week for the historic US-Africa Leaders Summit, the Obama administration and Heads of State from across the continent should prioritize efforts to curtail illicit financial flows from Africa.
“Illicit financial outflows are by far the most damaging economic problem facing Africa,” said GFI President Raymond Baker, who sits on the UN High Level Panel on Illicit Financial Flows from Africa, in a statement yesterday.
