Africa loses over $580 billion annually to corruption, illicit outflows — AfDB

The African Development Bank (AfDB) has revealed that Africa is losing over $580 billion annually to corruption and illicit outflows. This significant loss continues to hinder the continent's economic progress and deepen its debt woes.

AfDB President Akinwumi Adesina emphasized in a Bloomberg interview that this loss is severe, surpassing the continent's ability to finance infrastructure development, especially as Africa's total debt burden nears $2 trillion. Adesina highlighted that Africa loses billions every single day, with $90 billion annually attributed to illicit financial flows, $275 billion lost by multinational corporations, and $148 billion siphoned due to corruption.

The AfDB stressed the importance of access to concessional financing and debt restructuring in curbing corruption and illicit outflows, as these remain crucial steps in safeguarding Africa's resources and reducing its reliance on debt. The AfDB's recent 2025 African Economic Outlook report indicated that many African countries are projected to spend 75% of their revenue on.