We must urgently institute policies to fight tax-motivated illicit financial flows – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has told African countries to collectively institute measures to fight illicit financial flows out of the continent.

The president said this while speaking during the closing session of the maiden African Prosperity Dialogues dubbed, ‘the Kwahu Summit’,.

“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.

He added “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.”

Mr Akufo-Addo further promised that he will engage the remaining 10 African States to ensure the full participation of all African States.

“It is encouraging to note that as of November 2022, 44 members states have ratified the African Continental Free Trade Area (AFCTA), this is strong evidence of the growing political will and commitment of the leadership of the continent to achieve market integration in Africa, and it’s our duty to engage to ensure the full participation of all members states.”

Source:3news.com