A joint report by the African Development Bank (AfDB) and Global - TopicsExpress

A joint report by the African Development Bank (AfDB) and Global Financial Integrity, a US-based research group, found that cumulative illicit outflows from Africa between 1980 and 2009 ranged between $1.2 trillion and $1.4 trillion. That is roughly Africa’s total external debt and does not include hard-to-trace amounts from smuggling and drug trafficking. That money stashed away in Swiss bank accounts by the Nigerian dictator Sani Abacha? Those mansions on the French Riviera beloved of dictators like Mobutu Sese Seko and Paul Biya? Those fancy super cars owned by Teodore Nguema Obiang’s son? That, there, is what Africa owes the rest of the world, a continent’s wealth on wheels. If such illicit transfers were stemmed and stolen money recovered, Africa could finance most of its development needs, according to Mthuli Ncube, the chief economist at the AfDB.

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