Siziba: Africa losing US$88.6 Billion annually to illicit financial flows

Former Citizens Coalition for Change spokesperson Ostallos Siziba has raised alarm over the staggering financial losses Africa suffers annually due to illicit financial flows (IFFs), pegged at over US$88.6 billion - approximately 3.7% of the continent's GDP.

Posting from South Africa, where he is attending the 13th Pan-African Conference on Illicit Financial Flows and Taxation, Siziba joined a chorus of progressive African voices including former South African President Thabo Mbeki, former Sudanese Prime Minister Abdalla Hamdok, policymakers, academics, civil society leaders, and representatives from the African Union and United Nations.

"Africa loses US$88.6 billion annually to illicit financial flows - about 3.7% of the continent's GDP," Siziba posted via X (formerly Twitter).

He highlighted Zimbabwe's own losses, stating that between 2000 and 2020, the country lost over US$32 billion - a figure that exceeds its total public debt. In 2019 alone, Zimbabwe reportedly lost US$3 billion through corruption and capital flight.

Siziba described the conference, hosted by Tax Justice Africa, as a pivotal moment to forge a unified continental approach to tax justice, building on the legacy of the High-Level Panel Report on IFFs released a decade ago.

"Looking forward to learning, engaging, and contributing. Africa is our home!" he added.

The revelations have reignited calls for stronger financial oversight, regional cooperation, and policy reforms to curb capital flight and ensure that Africa's wealth benefits its people.