$580bn lost annually to corruption, illicit outflows in Africa – AfDB

The African Development Bank (AfDB) revealed that Africa loses $580 billion annually due to corruption and illicit capital outflows. AfDB President Akinwumi Adesina emphasized in an interview with Bloomberg that this loss hampers the continent's economic progress and exacerbates its nearly $2 trillion debt burden.

Adesina stressed the urgent need to tackle corruption to reduce the debt burden, stating that Africa must address the leakage of illicit capital to meet its infrastructure needs effectively. The President estimated that Africa loses billions every day, with $90 billion lost annually to illicit financial flows, $275 billion lost by multinational corporations, and $148 billion siphoned off due to corruption.

Adesina highlighted the importance of access to concessional financing and debt restructuring in curbing corruption and illicit outflows to safeguard Africa's resources and reduce reliance on debt.