By Omonu YG Nelson
The Honourable Minister of Foreign Affairs has said, Africa loses US$88.6 billion, equivalent to around 3% of Africa’s GDP, annually to illicit financial flows.
“These funds, often hidden in tax havens and opaque financial systems, represent stolen resources that could have been used to build schools, hospitals, roads, and other critical infrastructure,” the Minister said.
Speaking at the 6th Annual General Assembly of the Network of Anti-Corruption Agencies in Africa (NACIWA) on August 19, 2024, the Minister emphasised the need for regional and global cooperation in combating corruption.
“Corruption is a pervasive cancer that has deeply affected African societies, undermining institutions, eroding public trust, and exacerbating poverty and inequality,” the Minister stressed.
To address these challenges, the Minister called for regional cooperation, citing initiatives such as the African Union’s Agenda 2063 and the African Continental Free Trade Area (AfCFTA).
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“We must work together to promote good governance, transparency, and accountability, which are essential for combating corruption,” the Minister said.
The Minister also emphasized the need for global cooperation, highlighting the United Nations Resolution on Tax Cooperation and the Sustainable Development Goals (SDGs).
“The international community must support Africa’s efforts by ensuring that global financial systems are transparent and that safe havens for ill-gotten funds are eliminated,” the Minister urged.
“We must coordinate our efforts to close loopholes, enforce regulations, and repatriate stolen assets,” the Minister added. “The fight against corruption is not an option, but a necessity. It is a fight for the soul of our continent and the future of our children.”