The illicit extracting, hiding and channeling of capital from poor countries to havens abroad destroys societies and must be curtailed. How do we go about achieving this?
Today we conclude the series, not because we have exhausted the issues but because we must stop somewhere in the hope that your interest on the subject of dirty money flows is kindled sufficiently for you to do further reading and ask questions. We shall point to sources for further reading at the end. We promised that today's installment will address the cost that illicit capital outflows impose on Africa/Kenya's efforts to reduce poverty and build accountable democracies. We also said we will point at ways to curtail the phenomenon, and so we will. But before we do so, let's recount the drivers and mechanisms of dirty money flows to remind us and to set the context for how to address the problem.
I am a Ghanaian development economist, who has been active in international development for over 20 years; as a researcher and lecturer, as an NGO activist and development professional in several parts of the world. Working with others, I co-founded several development organisations around the world, including the Third World Network, ISODEC and the Centre for Public Interest Law in Ghana. Heading the United Nations Millennium Campaign in Africa, till December 2014. I currently head Savannah Accelerated Development Authority (SADA), Ghana.