Former South African President Thabo Mbeki says Africa is
losing billions each year to illicit capital outflows in development. Addressing
members of the 53rd Liberian Legislature in a joint session Tuesday in
Monrovia, he said that the rate at which Africa loses development money through
illegal means is alarming. "We are losing a lot of this capital that we
need as a result of everything we throw out of the continent through illegal
means and there is an estimate that the continent loses annually at least fifty
billion dollars through illicit capital outflow," Mbeki notes. "Now
you can compare that to something like US$25 billion that comes into the
continent as a result of development assistance." He said Africa loses
double on what comes in as development assistance as a result of weak systems
put in place by African governments and this has prompted finance ministers to
start to take actions to curb the situation.
Original article: http://allafrica.com/stories/201305010274.html
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