(PHOTO CREDITS: Courtesy THE STAR)
A picture has been making the rounds on social media of a man fetching water in a meshed laundry hamper. The picture must have been taken early in the morning by the demeanour of the man and his long shadow. It shows water running into the hamper and spilling even faster while the man patiently waits for it to fill.
This is a simple illustration of what Illicit Financial Flows (IFFs) do to developing countries as they pursue economic growth. IFFs are illegal movements of money from one country to another in contravention of national and international laws.
Undeniably, Africa desires economic growth and it reaches out for foreign aid but the amount of money lost in the process through IFFs is enormous and increasing. It is estimated that developing countries lose six times more through IFFs than what they receive in Official Development Assistance (ODA). The ODA is government aid designed to promote the economic development and welfare of Third World countries.
