Africa loses $43bn a year through corrupt business practices

Africa is losing about $34 billion 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.

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

Former UN Secretary General Kofi Annan who chairs 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,” the former UN Secretary General said.

Mr. Annan also called on African governments to be transparent in the use of revenue.