Illicit financial flow cost Africa $88 billion annually - Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has noted that Africa loses $88 billion annually through illicit financial flow.

According to him, the menace is depriving Africa of significant resources which could be used to develop the continent.

Speaking at the maiden African Prosperity Dialogue last week, President Akufo-Addo called for robust tax collection policy measures to combat the illicit financial flows from Africa.

“We need to pay serious attention to and arrest illicit financial flow out of the continent which is estimated at $88 billion annually depriving Africa of significant resources which could be used to support the continent’s development agenda," he said.

“We must urgently and collectively institute comprehensive and unambiguous tax policies to combat tax-motivated illicit financial flows, strengthen legal and law enforcement systems and bring together national agencies to stem such flows,” President Akufo-Addo stated.

He further entreated African countries to take advantage of the ongoing African Continental Free Trade Area (AfCFTA).

This, he said, will facilitate trade among African countries and boost the development on the continent.

ESA/FNOQ