Former president, Thabo Mbeki says an estimated 50 billion US dollar is exported out of the African continent illegally every year, instead of being invested in the continent.
Mbeki was speaking at the launch of a United Nations Economic Commission for Africa high level panel in Johannesburg.
He said the loss needed to be addressed before it undermined the prospect of Africa's development.
Mbeki said the African continent would expect the panel to provide practical measures to stop the flow, and it would take a year for the panel to complete its investigation.
The panel includes Economic Commission for Africa executive chairperson, Abdoulie Janneh, Coca Cola Bottling Company's Nigeria chairperson, Olusegun Apata and director of Global Financial Integrity in the United States, Raymond Baker.
