African bank roots for more efforts to tackle illicit financial outflows

The African Development Bank (AfDB) on Thursday said more needed to be done if Africa is to deal with the problem of illicit financial outflows which were depriving the continent of the much needed development.

Akinwumi Adesina, the bank's president, said illicit financial outflows were depriving the needed development in Africa because every program to boost development requires resources.

Adesina said this during the launch of a Partnership on Illicit Finance Action Plan on the side-lines of the bank's annual meetings in Lusaka, the Zambian capital.

He said the partnership was aimed at bringing to light how public resources were being used and how they should be used and has since called for more countries to establish national actions plans.

He however pointed out that combating illicit financial outflows requires concerted efforts of all stakeholders, including the international community.

According to him, Africa's natural resources were worth 82 trillion U.S. dollars but the continent was not benefiting from its resources because of the scourge of illicit financial outflows.

According to figures, Africa loses about 50 billion U.S. dollars in illicit financial outflows each year but analyst say the figure could be much more, with the World Bank estimating it at over 60 billion dollars.

While seven African countries have so far joined the partnership, launched in 2014 with the support of the United States, the AfDB chief called for more countries to join the partnership and develop national action plans.

The African countries include Burkina Faso, Liberia, Mauritius, Niger, Senegal, Sierra Leone and Lesotho. Endit