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Illicit Financial Flows, Trade Mispricing, and their impact on African economies

In: Regional Integration and Policy Challenges in Africa

Author

Listed:
  • Simon Mevel
  • Siope Vakataki ‘Ofa
  • Stephen Karingi

Abstract

Capital flight from developing countries has increased tremendously in the last decade. A large portion of these flows occurs via illicit means. Kar and Cartwright (2010) estimate such illicit financial flows from Africa between 1970 and 2008 to be about US$854 billion. This cumulative amount is considerable and equivalent to nearly all of the Official Development Aid (ODA) received by Africa during that 39-year period (Kar and Cartwright, 2010). From a different perspective, only one-third of the Illicit Financial Flows (IFF) would have fully covered the continent’s external debt of US$279 billion in 2008 (UNECA, 2009). Such a phenomenon takes even more importance as Africa is deepening its regional integration and critically needs to implement costly reforms to ensure the integration process is effective.

Suggested Citation

  • Simon Mevel & Siope Vakataki ‘Ofa & Stephen Karingi, 2015. "Illicit Financial Flows, Trade Mispricing, and their impact on African economies," Palgrave Macmillan Books, in: Adam B. Elhiraika & Allan C. K. Mukungu & Wanjiku Nyoike (ed.), Regional Integration and Policy Challenges in Africa, chapter 10, pages 220-252, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-46208-4_11
    DOI: 10.1057/9781137462084_11
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