Zambia rues Africa’s loss of funds through illicit financial flows

Zambian on Monday expressed concern over Africa’s loss of funds through illicit financial flows and called for increased efforts to track the money.

Susan Sikaneta, Zambia’s Ambassador to Ethiopia, said it was unfortunate that Africa was losing a lot of money through financial flows that could have been used for development.

The Zambian envoy said it was unfortunate that very little was being done to track and get back the money.

The Zambian envoy was speaking in Addis Ababa when eight directors from Action Aid offices paid a courtesy call on her, according to a statement released by the Zambian Embassy in Ethiopia.

The Action Aid directors are in Ethiopia to visit the United Nations Economic Commission for Africa (UNECA) to discuss progress on the realization of the Agenda 2063 and its impact on citizens, it added.

The Zambian envoy urged Action Aid to work closely with the African Union (AU) and other stakeholders to ensure that the problem of illicit financial flows received adequate attention.

Kijala Shako, Action Aid Zambia Country Director, urged Zambia’s tax agency to do more to curb illicit financial flows especially from the country’s extractive industries.

According to her, Action Aid was working with relevant government departments to ensure that the problem of illicit financial flows in the extractive industries in Zambia was curbed.

Illicit financial flows out of Africa have become a source of concern due to the scale and negative impact on development and governance agenda.

According to figures, illicit financials flows from Africa could be as much as 50 billion U.S. dollars per year. Enditem

Source: Xinhua/NewsGhana.com.gh

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