The African Union (AU) has emphasised that addressing the issue of illicit financial outflows from the continent is crucial for expediting progress toward achieving inclusive growth and sustainable development.
Patrick Olomo, Head of the Department of Economic Affairs at the AU Commission, made this assertion in Nairobi, Kenya.
Olomo was addressing the 2023 African Parliamentary Network on Illicit Financial Flows and Taxation Conference, held in Kenya.
He highlighted that illicit financial outflows, resulting from activities such as theft and tax evasion, significantly diminish Africa’s capacity to generate its own financial resources.
“Generating its own capacity is necessary for the continent to realise its development objectives,” he said.
He pointed out that a significant contributing factor to Africa’s financial shortfalls “is the pervasive problem of illicit financial flows to external jurisdictions”.
The NewsZenith reports that the two-day gathering convened more than 100 parliamentarians from over 40 African nations.
They deliberated on policy trends and challenges related to combatting illicit financial flows.
Olomo announced that Africa was presently confronted with an estimated annual financing gap of over $200 billion.
Read Related News:
African ministers root to hasten low-carbon growth
African Varsities honours Okebukola, others in Namibia
He underscored that this financial shortfall is compounded by mounting difficulties in accessing private financial resources and overseas development aid.
“Therefore, the conference underscores the imperative of enhancing domestic resource mobilisation initiatives,” he said.
Do you have a flair for Citizenship Journalism? Share story(ies) of happenings in your area with The NewsZenith on WhatsApp: 08033668669 or thenewszenith@gmail.com
