On the Trail of Capital Flight from Africa

The Takers and the Enablers

Prof Leonce Ndikumana

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English

Oxford University Press
17 August 2023

Economic growth; International finance; Development economics

On the Trail of Capital Flight from Africa investigates the dynamics of capital flight from Angola, Cote d'Ivoire, and South Africa, countries that have witnessed large-scale illicit financial outflows in recent decades. Quantitative, qualitative, and institutional analysis for each country is used to examine the modus operandi of capital flight; that is, the 'who', 'how', and 'where' dimensions of the phenomenon. 'Who' refers to major domestic and foreign players; 'how' refers to mechanisms of capital acquisition, transfer, and concealment; and 'where' refers to the destinations of capital flight and the transactions involved. The evidence reveals a complex network of actors and enablers involved in orchestrating and facilitating capital flight and the accumulation of private wealth in offshore secrecy jurisdictions. This underscores the reality that capital flight is a global phenomenon, and that measures to curtail it are a shared responsibility for Africa and the global community. Addressing the problem of capital flight and related issues such as trade misinvoicing, money laundering, tax evasion, and theft of public assets by political and economic elites will require national and global efforts with a high level of coordination.

By: Prof Leonce Ndikumana
Imprint: Oxford University Press
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
ISBN: 9780198883135
ISBN 10: 0198883137
Pages: 272
Publication Date: 17 August 2023
Format: Paperback
Publisher's Status: Active

Leonce Ndikumana is a Distinguished Professor of Economics and Director of the African Development Policy Program at the Political Economy Research Institute at the University of Massachusetts Amherst. He is an Andrew Carnegie Fellow, a member of the Independent Commission for the Reform of International Corporate Taxation, and an Honorary Professor of Economics at the University of Cape Town and the University of Stellenbosch in South Africa. He held senior positions at the African Development Bank and the United Nations Economic Commission for Africa. His previous books include Africa's Odious Debts: How Foreign Loans and Capital Flight Bled a Continent (with James K. Boyce, Zed Books, 2011), and Capital Flight from Africa Causes, Effects, and Policy Issues (with S. Ibi Ajay, OUP, 2014) James K. Boyce is a senior fellow at the Political Economy Research Institute at the University of Massachusetts Amherst. His previous books include Economics for People and the Planet (Anthem, 2019), Africa's Odious Debts: How Foreign Loans and Capital Flight Bled a Continent (with Leonce Ndikumana, Zed Books 2011), Investing in Peace: Aid and Conditionality after Civil Wars (Oxford University Press 2002), The Philippines: The Political Economy of Growth and Impoverishment in the Marcos Era (Macmillan, 1993), and Agrarian Impasse in Bengal (OUP, 1987).

Reviews for On the Trail of Capital Flight from Africa: The Takers and the Enablers

A must read. * Rob Davies, former Minister of Trade and Industry, South Africa * Cutting-edge analysis. * Ricardo Soares de Oliveira, Oxford University * Clearly demonstrates that capital flight from Africa is not just an African issue. * Janvier Nkurunziza, UNCTAD * A political time bomb based on a surgical economic analysis. Read it. * Prime Nyamoya, former senior consultant to the African Development Bank * A foundation for further research and action. * Martin Ravallion, Georgetown University * The world has much to learn from their forensic analysis. * Jomo Kwame Sundaram, former assistant secretary-general, United Nations Department of Economic and Social Affairs * Leonce Ndikumana and James Boyce have been at the forefront of research on illicit financial flows since before that term was even coined. * Alex Cobham, Tax Justice Network *