Illegal financial flows: Return money to Africa – Akufo-Addo to the West

President Nana Addo Dankwa Akufo-Addo has criticised recipient nations of illegal financial flows from Africa for failing to return such tainted funds. He wondered why such nations would keep the illicit funds but turn around to accuse African countries, the source of the funds, as corrupt.

The President demanded that Western countries and other recipient nations have an obligation to return the proceeds of illegal financial flows to the African countries that are the source of the funds.

Delivering Ghana’s National Statement at the 78th Session of the United Nations General Assembly in New York, the President suggested that to deal with the menace of illegal financial flows from Africa, there was a need for a collaboration between the African Union and the Organization for Economic Cooperation and Development (OECD) under the umbrella of the United Nations.

“Yes, those monies too must be returned to the continent. It is difficult to understand why the recipient countries are comfortable about retaining such funds and are happy to call those countries from whom the monies are taken as corrupt,” The President demanded.

African countries lose more than $88 billion annually in illegal financial flows. This has negatively affected the economic development of Africa. Notwithstanding efforts by African Governments to tackle it, the canker persists and is getting worse year after year.