The African continent is losing at least 50 billion US dollars annually according to a report by the African Union
Illicit Financial Flows increase inflation and create the gap between rich and poor.
Among the most affected countries is Togo, a reason as to why Trade unions and civil groups in the country took up banners to match in protest of the illegal flow of money in the country.
“Put an end to the illicit financial flows from Africa amounting to 50 billion US dollars or 25,000 billion FCFA or specifically for Togo which is 900 billion whereas you can tell that the budget for Togo is nowhere near 900 billion. ” Said Eloi Nauwossan from the Trade Workers Union
Around a trillion dollars was lost between 1980 and 2008 according to the report, most of the money was said to have been lost through multinational companies operating in Oil and gas sectors in Africa.
Tax havens, anonymous trust accounts, fake charities, money laundering among other things are the modern ways of getting the illicit money in the continent.
