Africa get looted by $50 billion annually – UNECA

stolen assetsAfrica must be rescued from bad governance from greedy corrupts leaders and every leaders in Africa must be accountable, honest and exercise responsible leadership on transparency and good governance.

The UN Economic Commission for Africa (UNECA) says an estimated 50 billion dollars annually leaves the shore of Africa continent illegally by way of corruption to the Western nations.

Mr. Adeyinka Adeyemi, a senior adviser at UNECA, in charge of the Regional Integration and Infrastructure Cluster in the Capacity Development Division told newsmen in New York that illegal financial transaction flow had serious negative development impacts on the continent and further blamed the Western nations and other international financial institutions of conspiracy for aiding corrupt leaders in Africa for the illicit financial flows.

It was further disclosed that not less than one trillion US Dollars had left the Africa continent illicitly over the last 50 years, saying the figures were arrived at after decades of research on the issue.

“The issue of illicit financial flow is very serious in terms of the negative development impacts on Africa.

“If you look at when we say 50 billion dollars leaving Africa every year illicitly, in the last 50 years we estimate that one trillion dollars left Africa illicitly.

“This is roughly equal to the total amount of so-called aid that Africa received at the same time.

“So if you do the math, hold on to your aid, we would still be okay and we would keep our money and we would our priority,” he said.

“We think that if we have the necessary action today, we can stop a huge chunk of these flows because what it thrives on is very simple – it’s secrecy.

“Secrecy knowing that you will not get it; that’s why it’s illicit; you will not know it. They do it with the complicity of government officials and all these other stuffs.

“Our study, however, shows that only five per cent of the flows can be traceable to official corruption,” he said.

 “Every time we go somewhere and speak, we hear ‘you people are corrupt’, ‘Africa is corrupt’ but this is not supported.

“About 75 per cent of these illicit flows are directly traceable to the behaviours or actions or inactions of our trans-nationals.

“When we look at only trade mis-invoicing, we found that this is huge and weighty.

“So if the international community wants to help Africa, let us stop this unnecessary conversation that’s going nowhere on why we should link illicit financial flows with other things, with governance, with aid.

“These things are very important but this is not where the issue is. Africa is the only region in the world that has African Peer Review Mechanism (APRM).

“This is a governance mechanism where Presidents tell themselves ‘you have been bad, go and improve yourself’.

“My point is that the World Bank and the IMF have very little to teach Africa in terms of governance in this kind of stuff because we are already doing something.”

It was further disclosed that African nations did not need aid from developed countries if the illegal looted assets from the continent over the decades are returned back to Africa and Africa would rapidly developed.

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