Sierra Leone and African Development Bank Tackle Africa’s $90 Billion Illicit Financial Flows

July 25, 2025

A four-day high-level seminar has concluded in Sierra Leone with clear recommendations to address the $90 billion Africa loses every year through illicit financial flows. The event, held at The Place Resort in Tokeh, brought together over 70 participants from government, civil society, the private sector, and international organisations under the theme “Harnessing Africa’s Wealth: Curbing Illicit Financial Flows for Resilient Growth and Development.”

Illicit financial flows remain a major economic challenge for the continent. The discussions focused on strengthening natural resource governance, identifying leakages, and building transparency in resource-backed lending (RBL). Participants emphasised that such lending should only be used as a last resort, with full transparency and direct investment returns that support repayment.

Sierra Leone’s Finance Minister noted that blocking illegal trade and improving RBL management will help increase revenues from natural resources. The seminar reviewed findings from a country diagnostic report that examined illegal resource trade and institutional capacity gaps.

International experts provided technical insights into illicit financial flows and policy solutions. The project aligns with Africa’s long-term strategy for natural resource management and investment. Participants committed to transforming these recommendations into actionable national reforms to ensure transparent and equitable management of natural wealth, recognising it as a strategic necessity for the continent’s future.