The United Nations Economic Commission for Africa (ECA) has revealed that Africa loses an estimated $90 billion annually through illicit financial flows, a staggering drain on the continent’s resources.
In a statement released Thursday, the ECA highlighted how Africa’s abundant resources, including gold, diamonds, and solar energy, often benefit only a privileged minority, leaving the majority of Africans in poverty.
The announcement comes in the wake of the African Economic Conference held in Gaborone, Botswana, where discussions centered on actionable strategies to transform Africa’s immense wealth into tangible prosperity for its people.
The ECA’s call regional economic experts says, underscores the urgent need for better governance and stronger frameworks to curb financial outflows and ensure Africa’s resources serve its citizens.