President calls for intensified efforts to curb illicit outflows from Africa

Ghana's President, Nana Akufo-Addo has urged fellow African leaders to urgently address the issue of illicit financial outflows from the continent. 

Highlighting the critical need to curb this issue, he pointed out that such financial leaks are depriving Africa of vital resources that could significantly aid its development.

Speaking at the inauguration of the Sixth African Union (AU) Mid-Year Coordination meeting in Accra on Sunday, President Akufo-Addo emphasized the importance of harmonizing the AU’s policies with those of the Regional Economic Communities (RECs) and Regional Mechanisms (RMs) to further the Union’s integration agenda. 

This meeting focuses on economic integration, interregional trade, and operational matters, under the theme “Educate an African Fit for the 21st Century: Building Resilient Education Systems for Increased Access to Inclusive and Lifelong Quality and Relevant Learning in Africa.”

The event gathered numerous African Heads of State and Government, leaders of the regional economic communities, regional mechanisms, AU commission members, and other continental stakeholders.

 President Akufo-Addo stressed the need to implement the findings of the 2011 Mbeki Commission on illicit financial flows from Africa, which highlighted the massive scale of resources being illegally siphoned out of the continent.

Moreover, President Akufo-Addo proposed that African countries should consider depositing 30 percent of their reserves in foreign multinational banks. 

He again suggested that instead of letting these resources sit idly with often negative interest rates, they should be placed in African multinational banks to enhance the continent's financial self-reliance and strengthen its financial institutions. 

This approach, he argued, would empower African banks to support large-scale development projects and create a more resilient financial ecosystem, less dependent on international financial institutions.