Over the last 50 years, Africa is estimated to have lost in excess of $1 trillion in illicit financial flows (IFFs). This sum is roughly equivalent to all of the official development assistance (ODA) received by Africa during the same timeframe. Currently, Africa is estimated to be losing more than $50 billion annually in IFFs.
Current developments in the global arena in fact make the challenge posed by IFFs more acute. The resources that Africa receives from external partners in the form of official development assistance are stagnating due to the domestic fiscal challenges of partners, who in response are seeking to reduce such expenditures. Africa will therefore need to look within the continent to fund its development agenda and reduce reliance on ODA.