Ethiopia lost $US 36 billion in illicit financial flows in the last 27 years

corruption Ethiopia
Image source : http://www.africastrictlybusiness.com/

borkena
December 10,2018

A report by Sheger Radio today says that Ethiopia lost as estimated $US 36 billion ( about 1 trillion and 80 billion Ethiopian Birr) in illicit financial inflows in the last 27 years.

Sheger spoke to Maco-Economist and Consultant, Eyob Tesfaye, who stated that studies have revealed that Ethiopia has lost the above mentioned amount of money. Before 2012, the annual rate of illicit financial inflows was about US$500 million a year. After 2012, the figure rose to US$1.5 billion.

Procurement processes (using wrong invoice some time at price 1000 % than the actual price), export-import process and financial borrowings were some of the areas from/through which illicit financial inflows has been possible.

Ethiopian government embarked on crackdown on those who were involved in the crime in the past few weeks but the process is causing political disenchantment in Tigray region, where most of the corrupt politicians are from.

Yet, Tigray People’s Liberation Front (TPLF) elites are giving their narratives a spin in order not to make it seem like an opposition against crackdown corruption. The name of the opposition is “respect the constitution.”



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2 Responses to "Ethiopia lost $US 36 billion in illicit financial flows in the last 27 years"

  1. Abbabulla Dande   December 11, 2018 at 12:35 am

    The love of money is the root of all evils. Job 4:8 (CEB) As I’ve observed, those who plow sin and sow trouble will harvest it.

    People might think that by amassing a lot of money they will get happiness. But in reality what they harvest is disease and vanity. They will lose their children to addictions of all sorts.

    Reply
  2. Samwel   December 13, 2018 at 2:36 pm

    But why did it jump from 500 million to 1.5 billion dollars?
    What could have happened in 2012 that resulted in this increment?
    I will like for this website to do the research but at face value it seems like the death of meles zenawi in 2012 opened the flood gates.

    Reply

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