Speaking about 'the perverse effects of illicit financial flows on African economies', Songwe said this reduces the 'continent’s ability to achieve its goal of industrialisation as it loses US$100 Billion, which represents 4% of the continent's gross domestic product, annually.

Illicit Financial Flows and Inadequate Energy Hinder Africa’s Industrialisation

By Irene Gaitirira Published December 18, 2017 Africa cannot accelerate growth without access to adequate energy. Vera Songwe, Executive Secretary of United Nations Economic Commission for Africa in Addis Ababa, Ethiopia, says under-developed energy infrastructure and growing demand could help attract more private sector investment in the energy-development sector. To attract investment, Songwe told the