$50b wired from Africa annually, says economist

Abidjan. The illegal transfer of capital from Africa has surpassed the $50 billion mark, according to economist and banker Abdoulaye Bio Tchane.

Abidjan. The illegal transfer of capital from Africa has surpassed the $50 billion mark, according to economist and banker Abdoulaye Bio Tchane.

Tchane, a former president of the West African Development Bank, was speaking Monday in Abidjan at the opening of a regional seminar on corruption and illegal transfer of funds.

“The average capital flight from Africa has risen to 50 billion dollars over the last 30 years,” Bio Tchane said, citing the Global Integrity report.

“The 50 billion dollars corresponds to double the total amount of development aid that the entire sub-Saharan Africa receives in a year,” he added.

“The mcash is transfered taken to the banks and off shore institutions in the developed countries,” Bio Tchane said.

The regional seminar brought together participants from State auditors, finance ministries, customs departments, revenue authorities, public treasuries and anti-graft commissions.

For two days, the participants will discuss the means and methods that should be adopted to end the scourge, which affects the economies of West African Economic and Monetary Union member states.

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