The article is based on the outcome of a joint report compiled by the African Development Bank and the Global Financial Integrity. Major findings include: Africa could have suffered between US$597 billion and US$1,4 trillion in net outflows between 1980 and 2009 after adjusting net recorded transfers for illicit financial outflows. The African continent has been a long-term “net creditor” to the rest of the world. Cumulative illicit financial outflows from the African continent over the 30-year time span ranged from between US$1,2 trillion to US$1,3 trillion in real terms. These unrecorded illicit outflows considerably swamped cumulative net recorded flows over the same period. It offers a number of policy recommendations for boosting net resource transfers from Africa and curtailing illicit financial flows. Recommended measures are also given to boost net resource transfers into Africa and curtail illicit financial flows from the continent include.
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