Africa is losing billions

Johannesburg - An estimated $50bn is exported out of the African continent illegally every year, former president of South Africa Thabo Mbeki said on Saturday. "This money is exported illegally instead of being invested in the continent," he said.
Mbeki was speaking at the launch of a United Nations Economic Commission for Africa (UNECA) high level panel in Johannesburg.
The panel, chaired by Mbeki, would investigate illicit and financial flows of finance out of the continent.
Mbeki said the loss needed to be addressed before it undermined the prospect of Africa's development.
"Almost $25bn comes in to the continent. That means it loses twice the capital it receives in financial assistance," he said.