Illegitimate Financial Flows: Africa Losses $80b Annually

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The on-going 31st ordinary session of the AU Executive Council in Addis Ababa has heard that Africa loses an estimated $80 billion in a year due to illegitimate financial flows.

 The Executive Secretary, Dr. Abdella Hamdook of the United Nations Economic Commission for Africa (UNECA), revealed the figure on Friday , when he spoke on a range of issues.

He stated financial outflows from the continent have become an international agenda given the scale of the matter and negative impact of such flows on Africa’s development and governance.

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“Even though the continent is taking tangible steps toward a coherent approach to curb illicit financial flows, the magnitude of the issue calls for much more to be done.”

He progressed that curtailing illicit financial flows was imperative for implementation of Agenda 2030 and 2063 of the continent.

 Hamdok, Speaking on migration in Africa said intra-African migration has dominate migration flows of the continent.

Making reference to the report of International Labour Organisation (ILO), he said there were an estimated 7.5 million West African migrants within West Africa compared to 1.2 million in North America and Europe combined.

According to the UNECA head, Africa therefore must place migration at the top of the policy agenda to promote well managed migration.

Hamdok said the population in African cities is forecast to rise twice as fast as the rest of the world, and over the next decade, reference to UN Habitat, an additional 187 million Africans will live in cities.

Source: NAN
Edited for Aprecon by Omolola Lipede.

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