The Economic Costs of Illicit Financial Flows in Africa’s Extractive Sector
- Centurion, South Africa African Development Bank Group 2017
- 4p.
In Africa, the extractive sector, which is a major driver of economic growth and source of revenues, is more prone to illicit flows. The features of the extractive sector – high level of complexity and revenue-generating potential; cross border supply chains; high degree of technological specialization – makes it particularly susceptible to the various forms of illicit financial flows. From 2001 to 2014, the extractive industries made up nearly two-thirds of exports from African countries – with oil and gas alone accounting for close to 50% of total exports.
