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Business News Tue, 24 May 2022

Illegitimate financial transactions need to be dealt with in Africa – Akufo-Addo

Illicit transactions affecting Africa's tax revenue

AFDB contributing to addressing climate change

Africa suffers $7-15 billion per year in losses to climate change


President Nana Addo Dankwa Akufo Addo has charged African countries to address the practice of illicit financial transactions and tax indulgence by multinationals that cause financial losses to the continent as it tends to miss out on the needed tax revenue.

This situation according to him is the reason for most of the reported illicit financial flows globally.

The President gave this charge while addressing the Board of Governors of the African Development Bank Group and Finance Ministers from the African continent.

The President reiterated that African governments need to be assertive in growing their domestic economies without interference from external forces.

“It is time we work to address and remove the structure barriers to our development.”

“We must also deal with tax indulgence and illegitimate commercial transactions by multinationals which account for 60% of the $88 billion illicit financial outflows from the continent annually, and other relationships that inhibits our development as a continent.”

Also, President of the African Development Bank Group, Dr. Akinwumi Adesina, stated that AFDB will continue to make investments to help the continent deal with issues of hunger.

“Africa suffers $7-15 billion per year in losses to climate change, which are projected to rise to $40 billion per year by 2030.”

The African Development Bank as part of measures to address climate change it has doubled its financing for climate to $25 billion by 2025.

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Source: www.ghanaweb.com
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