Africa Loses $40bn Annually to Illicit Financial Flows in Extractive Sector – ECA

Africa loses $40bn annually to illicit financial flows in extractive sector – ECA

United Nations Economic Commission for Africa (ECA) says Africa is losing an estimated $40bn annually to IFFs in the extractive sector.

Africa loses $40bn annually to illicit financial flows in extractive sector – ECA official

Africa Loses $40 Billion Yearly to IFFs in Extractive Sector

Africa is losing $40 billion every year due to illicit financial flows (IFFs) from the extractive sector, according to the United Nations Economic Commission for Africa (ECA). Antonio Pedro, deputy executive secretary of the ECA, warned that this trend is not only stunting development but also fuelling deepening economic inequality across the continent. Speaking in New York at a high-level policy dialogue marking the close of the 2025 African Di…

Africa’s Extractive Industry Loses $40bn Annually To Illicit Financial Flows

Africa is losing an estimated $40 billion every year to illicit financial flows (IFFs) in its extractive industry, according to the United Nations Economic Commission for Africa (ECA). This massive outflow of funds significantly undermines the continent’s development prospects and exacerbates economic inequality. ECA’s deputy executive secretary, Antonio Pedro, highlighted at a High-Level Policy Dialogue in New York that these illicit flows depr…

Kenya loses Ksh800B annually to counterfeit goods, report shows

Kenya suffers an annual economic blow of roughly Ksh800 billion due to counterfeit goods, a Consumer-Level Survey Report 2025 reveals. The staggering figure represents about 9 per cent of the total illicit trade, as outlined by the Anti-Counterfeit Authority (ACA). According to the report, awareness of counterfeit goods among Kenyans has risen significantly, with 83.85 […]

Africa loses $40bn annually to illicit financial flows in extractive sector – ECA - EnviroNews - latest environment news, climate change, renewable energy

The United Nations Economic Commission for Africa (ECA) says Africa is losing an estimated 40 billion dollars annually to illicit financial flows (IFFs) in the extractive sector. Acting Executive Secretary of the Economic Commission for Africa (ECA), Mr Antonio Pedro Mr. Antonio Pedro, ECA’s Deputy Executive Secretary, in a statement said the trend undermines development and deepens economic inequality on the continent Pedro spoke at a High-Lev…