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Comparing the Illicit Financial Flows in Some African Countries: Implications for Policy

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  • Abayomi, Onanuga

Abstract

Due to the deleterious effect of the illicit transfer of funds on Africa economies the paper determines and compares the volume of illicit funds which should have been used for development but otherwise channeled into private benefits in seven African countries during 2005-2015. Using the World Bank Residual Model, we found that illicit financial flows are being experienced in all the sample countries otherwise unabated. In quantum terms, illicit transfers of funds are more in upper-middle-income countries while and it was highest in low- income countries as a proportion of the country’s GDP. The study concluded that relative to aggregate income low-income countries engage more in illicit financial transfers that the other income groups whereas in quantum terms it was substantial in upper-middle-income group. We recommend that all income groups should improve on regulatory controls in order cub illicit transfers in Africa, more importantly, the low-income group.

Suggested Citation

  • Abayomi, Onanuga, 2018. "Comparing the Illicit Financial Flows in Some African Countries: Implications for Policy," African Journal of Economic Review, African Journal of Economic Review, vol. 6(2), July.
    • Handle: RePEc:ags:afjecr:281430
    DOI: 10.22004/ag.econ.281430
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    Cited by:

    1. Cham, Yaya, 2023. "Monetary Approach to Balance of Payments: Empirical Evidence from ECOWAS Countries," MPRA Paper 118374, University Library of Munich, Germany.

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