Implications of Illicit Financial Flows on Africaas Democratic Governance

Implications of Illicit Financial Flows on Africaas Democratic Governance

Nyamurera David

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Jeffrey Kurebwa Ph.D.

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Implications of Illicit Financial Flows on Africaas Democratic Governance

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Abstract

Illicit Financial Flows (IFFs) are a major challenge to Africa’s democratic governance. They have a direct impact on a country’s stability to raise, retain and mobilise its own resources to finance sustainable economic development. GFI (2017) finds that IFFs remain persistently high. The study finds that over the period between 2005 and 2014, IFFs on average accounted for between 14.1 percent and 24.0 percent of the total developing country trade, while outflows were estimated at 4.6 percent to 7.2 percent of total trade and inflows were between 9.5 percent and 16.8 percent. The problem with IFFs is that they are not only illicit but that their effect spreads far beyond their immediate area of occurrence. Millions of people are affected, economies are weakened, and development is stagnated, while a shady few accumulate wealth and influence. Financial flows are crucial for poor countries and have played an important role in most African countries that have made developmental progress. Since not all financial flows are good for development, the integration of poor countries into the global financial system poses opportunities as well as risks. IFFs usually facilitate most of these risks and have an overall negative impact on African countries.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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No ethics committee approval was required for this article type.

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How to Cite This Article

Nyamurera David. 2018. \u201cImplications of Illicit Financial Flows on Africaas Democratic Governance\u201d. Global Journal of Human-Social Science - F: Political Science GJHSS-F Volume 18 (GJHSS Volume 18 Issue F2): .

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GJHSS Volume 18 Issue F2
Pg. 15- 25

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Journal Specifications

Crossref Journal DOI 10.17406/GJHSS

Print ISSN 0975-587X

e-ISSN 2249-460X

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GJHSS-F Classification: FOR Code: 360199

Submission ReceivedDecember 10, 2017
Peer Review Double Blind
Handling Editor
Accepted January 5, 2018
Published January 15, 2018

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v1.2

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May 7, 2018

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Article Matrices

Total Score: 101

Country: Zimbabwe

Subject: Global Journal of Human-Social Science - F: Political Science

Authors: Jeffrey Kurebwa (PhD/Dr. count: 0)

View Count (all-time): 175

Total Views (Real + Logic): 3255

Total Downloads (simulated): 1683

Publish Date: 2018 05, Mon

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Total Views: 3255

Total Downloads: 1683

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