African leaders must adopt measures to end illicit financial transactions- Akufo-Addo

President Akufo-Addo has called for an end to foreign illicit financial transactions and tax evasion by multinationals.

The Ghanaian leader opined that such activities deny the continent the needed tax revenue and development.

He made the remarks while addressing the opening ceremony of the 57th Annual Meetings of the African Development Bank in Accra.

He said African governments should grow their domestic economies without interference from external controls.

“[The]Time has come to move towards an economic module which serves our interest and not others. Profits from our resources have benefited foreign creditors for far too long, while we suffer on the international capital market. It is time we worked to address and remove the structural barrier to our development.”

“We must also deal with tax dodging and illegitimate commercial transactions by multinationals, which account for 60% of the $88 billion of illicit financial outflows from the continent annually.”


You might also like

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

%d bloggers like this: