01294nam a22001097a 4500100004200000245006500042260004900107300000900156520088100165650003501046856010301081  aAfrica Centre for Energy Policy(ACEP)  aIllicit Financial Flows and the Extractive Industry in Ghana  aGhanabAfrica Centre for Energy Policyc2015  a28p.  aThis study conducts a literature review of the causes, nature and extent of illicit financial flows in the natural resources sectors of Africa with emphasis on Ghana and makes recommendations for addressing this menace. Available research evidence shows that illicit financial flows in the extractive sectors occur through three main sources, namely corruption, illegal exploitation, and tax evasion. The quest for structural transformation in Africa requires raising the continent’s productive capacity. However, achieving this developmental state in Africa has been significantly constrained by the financial structures of illicit financial flows (IFFs). IFFs undermine the potential for economic transformation in the continent through, draining tax revenues and scarce foreign exchange resources, stifling growth and socioeconomic development, and weakening governance .  aNatural Resources, Tax Evasion  uiffoadatabase.trustafrica.org/iff/Illicit Financial Flows and the Extractive Industry in Ghana.pdf