Africa: Illicit Financial Flows (ADF Issue Paper) 2014

From: Yona Maro

Financing developmental efforts in Africa has proved to be costly in the past, compelling the continent to rely on external sources known as overseas development assistance. This type of assistance is often unevenly distributed, unsustainable, and in some cases, damaging to the national economies in the long run. Lessons learned from the Millennium Development Goals have prompted a fresh wave of thinking towards a post-2015 transformative developmental framework designed to ensure self-reliance for Africa. However, a structural transformation agenda will require an adequate, predictable, sustainable and integrated financing mechanism geared towards financing developmental goals (Abugre and Ndomo, 2014). Also, the continent must embark on reforms to capture currently unexplored or poorly managed resources. This includes curtailing illicit financial flows and rather transforming those funds into a powerful tool for enhancing domestic resource mobilization, as a way of furthering the continent’s development.

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