President Nana Addo Dankwa Akufo-Addo has urged African leaders to urgently address and halt illicit financial outflows from the continent, emphasizing that these activities deprive Africa of crucial resources needed for its development.
Speaking at the Sixth African Union (AU) Mid-Year Coordination meeting in Accra, President Akufo-Addo underscored the importance of tackling illicit financial flows, which undermine Africa’s ability to finance development projects, weaken governance structures, and perpetuate inequality.
The meeting, themed “Educate an African Fit for the 21st Century,” aimed to align AU policies with those of Regional Economic Communities (RECs) and Regional Mechanisms (RMs) to advance the Union’s integration agenda and discuss key issues like interregional trade.
President Akufo-Addo highlighted the need to implement the recommendations of the Mbeki Commission on illicit financial flows, dating back to 2011, and stressed the importance of strengthening legal frameworks and enhancing international cooperation to combat these activities effectively.
He also proposed that African countries consider depositing 30% of their reserves in African multinational banks to bolster the continent’s financial self-reliance and enhance the stability of its financial systems.
President Akufo-Addo expressed optimism that these measures would empower African banks to support large-scale development projects, thereby fostering a more resilient financial ecosystem less dependent on external financial institutions.
