Africa loses $34bn annually through corrupt practices - Report

Africa is losing about 34 billion dollars each year from tax evasion, secret deals and money laundering by multinational companies.

It is twice the aid received by African countries from donor partners last year. This is contained in a report released at the ongoing World Economic Forum on Africa in Cape Town, South Africa.

The report was released by the Africa Progress Panel promoting equitable and sustainable development across the continent.

Former UN Secretary General, Kofi Annan, who chaired the panel, says this is depriving Africa of revenue for development.

“We are not getting our fair share of our resources; we are not getting the revenues we deserve often because of either corrupt practices or transfer pricing, tax evasion, and all sort of activities that deprive us of our due revenue,” the former UN Secretary General said.

Against that backdrop, Mr. Annan advised African leaders to be transparent in their expenditure.