{"id":1415,"date":"2014-04-01T19:09:09","date_gmt":"2014-04-01T19:09:09","guid":{"rendered":"http:\/\/solomonappiah.com\/?p=1415"},"modified":"2022-04-07T22:57:12","modified_gmt":"2022-04-07T22:57:12","slug":"africa-must-industrialize-now","status":"publish","type":"post","link":"https:\/\/sunesishq.com\/notes\/africa-must-industrialize-now\/","title":{"rendered":"Africa: Tackling Illicit Outflows"},"content":{"rendered":"<figure id=\"attachment_1431\" aria-describedby=\"caption-attachment-1431\" style=\"width: 474px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-1431\" src=\"http:\/\/admin.sunesishq.com\/wp-content\/uploads\/2014\/04\/10555241935_3f23d0654a_o.jpg\" alt=\"Flickr\/Enough Food IF\" width=\"474\" height=\"316\" \/><figcaption id=\"caption-attachment-1431\" class=\"wp-caption-text\">Flickr\/Enough Food IF<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-family: Verdana;\">The Global Financial Integrity (GFI) report estimates that sub-Saharan Africa loses more than twice as much in illicit financial outflows than it receives in aid. According to Kevin Watkins, executive director of the Overseas Development Institute (ODI), transfer or trade mispricing is a practice that facilitates the shifting of profits to low-tax jurisdictions. He explains this practice costs less-developed countries &#8220;in excess of $550 billion annually: more than five times annual aid flows.&#8221; The lack of transparency in the global financial system facilitates such behavior among multi- and transnational corporations. Tax havens are the favorite destinations for such illicit transfers, which otherwise could have been used to boost economic and industrial development.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: Verdana;\">According to another GFI report, a conservative estimate for overall illicit outflows from Africa, exempting all other flows in illegal activities from 1970 to 2008, total $1.8 trillion. The 2013 Africa Progress Report, citing the GFI investigation, also puts the average annual loss to Africa from 2008 to 2010 at $38 billion \u2014 higher than development aid to this region in the same timeframe. Furthermore\u2026<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: Verdana;\">For more, do read this article titled <a href=\"http:\/\/www.fairobserver.com\/article\/africa-illicit-outflow-84931?page=3\">Africa: Tackling Illicit Outflows<\/a> on the Fair Observer\u00b0 platform filed in the Economics section.<br \/>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Global Financial Integrity (GFI) report estimates that sub-Saharan Africa loses more than twice as much in illicit financial outflows than it receives in aid.&hellip; <\/p>\n","protected":false},"author":1,"featured_media":2620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[353],"tags":[360,626,700,750,130,423,793,812,292,559,1007,1034],"class_list":["post-1415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policy-advocacy","tag-africa","tag-african-union","tag-developing-nations","tag-gdp","tag-ghana","tag-global-financial-integrity","tag-illicit-outflow","tag-jefferey-sachs","tag-solomon-appiah","tag-thomas-pogge","tag-unido","tag-world-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Africa: Tackling Illicit Outflows | SUNESIS NOTES<\/title>\n<meta name=\"description\" content=\"The Global Financial Integrity (GFI) report estimates that sub-Saharan Africa loses more than twice as much in illicit financial outflows than it receives\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sunesishq.com\/notes\/africa-must-industrialize-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Africa: Tackling Illicit Outflows | SUNESIS NOTES\" \/>\n<meta property=\"og:description\" content=\"The Global Financial Integrity (GFI) report estimates that sub-Saharan Africa loses more than twice as much in illicit financial outflows than it receives\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sunesishq.com\/notes\/africa-must-industrialize-now\/\" \/>\n<meta property=\"og:site_name\" content=\"SUNESIS NOTES\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/sunesislearning\" \/>\n<meta property=\"article:author\" content=\"https:\/\/web.facebook.com\/sunesislearning\" \/>\n<meta property=\"article:published_time\" content=\"2014-04-01T19:09:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-07T22:57:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sunesishq.com\/notes\/wp-content\/uploads\/2014\/04\/world-map-black-white-watercolor-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1494\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Solomon Appiah, Ph.D.\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@SunesisLearning\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Solomon Appiah, Ph.D.\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/sunesishq.com\/notes\/africa-must-industrialize-now\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/sunesishq.com\/notes\/africa-must-industrialize-now\/\"},\"author\":{\"name\":\"Solomon Appiah, Ph.D.\",\"@id\":\"https:\/\/sunesishq.com\/notes\/#\/schema\/person\/75fe43ac2403c70d6e7fd41da21ba2a8\"},\"headline\":\"Africa: Tackling Illicit Outflows\",\"datePublished\":\"2014-04-01T19:09:09+00:00\",\"dateModified\":\"2022-04-07T22:57:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/sunesishq.com\/notes\/africa-must-industrialize-now\/\"},\"wordCount\":204,\"commentCount\":4,\"publisher\":{\"@id\":\"https:\/\/sunesishq.com\/notes\/#organization\"},\"image\":{\"@id\":\"https:\/\/sunesishq.com\/notes\/africa-must-industrialize-now\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/sunesishq.com\/notes\/wp-content\/uploads\/2014\/04\/world-map-black-white-watercolor-scaled.jpeg\",\"keywords\":[\"Africa\",\"African Union\",\"Developing Nations\",\"GDP\",\"Ghana\",\"Global Financial Integrity\",\"Illicit outflow\",\"Jefferey Sachs\",\"Solomon Appiah\",\"Thomas Pogge\",\"UNIDO\",\"World Bank\"],\"articleSection\":[\"Policy &amp; 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