The paper was presented at the seminar in Public Management and PolicySchool of Graduate studies, Department of Public Management and Policy,College of Management, Information and Economic Sciences Addis Ababa University. It gives an overview of corruption as a symptom of weakness in political, social, legal and economic systems. The causes of corruption are given as consisting of political, legal, bureaucratic, economic–transnational factors as well as social consequences.The positive sides of corruption are given in the paper as well as the origins and means of Illicit Financial Flows (IFF) from Africa. The major conclusion was that West and Central Africa’s tops Sub Saharan Africa in terms of IFFs.Impacts of Illicit Financial Outflows include the draining of hard currency reserves and heightening of inflation ,undermining of trade and investment, reduction of tax collection, widening income-gaps and worsening poverty hence, economic growth without global good governance results in increased IFF which destroys development efforts and worsen poverty.
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