Capital Flight from Sub-Saharan African Countries : Updated Estimates, 1970-2010

A key constraint to SSA's growth and development is the shortage of financing. Indeed SSA faces large and growing financing gaps, hindering public investment and social service delivery. At the same time, the sub-region is a source of large-scale capital flight, which escalated during last decade even as the region experienced growth acceleration. The group of 33 SSA countries covered by this report has lost a total of $814 billion dollars (constant 2010 US$) from 1970 to 2010. This exceeds the amount of official development aid ($659 billion) and foreign direct investment ($306 billion) received by these countries. Oil-rich countries account for 72 percent of the total capital flight from the sub-region ($591 billion). The escalation of capital flight over the last decade coincided with the steady increase in oil prices prior to the global economic crisis