Africa’s Capital Flight Crisis: A $587 Billion Drain Undermining the Continent’s Development Potential
- Africa loses over $587 billion annually due to capital flight.
- Illicit financial flows account for approximately $90 billion lost each year.
- Corruption siphons about $148 billion annually from public funds.
The staggering financial losses due to capital flight in Africa highlight a critical need for systemic reforms. Addressing the root causes, such as corruption and tax avoidance, is essential for unlocking the continent's potential. A collaborative approach involving both local governance improvements and international cooperation could pave the way for sustainable economic growth.
