Experts across Africa on Tuesday gathered in Accra to devise new strategies in tackling illicit financial flows on the continent.
For the next two days they will be discussing ways of creating a platform for a multi stakeholder engagement on illicit financial flows and tax evasion with a particular focus on Ghana.
Ghana is said to be losing about 702 million dollars from the act mainly from the extractive industry whiles Africa is said to be losing over fifty billion dollars annually.
Campaign Coordinator of Integrated Social Development Centre, tells Africa Feeds that addressing the challenge of Illicit Financial Flows (IFF) will enable Ghana to optimize public revenues from its relatively new discoveries of oil and natural gas, as well as maximize returns from traditional sectors such as Cocoa and gold.
“Accordingly, the country needs to strengthen measures to monitor and track IFFs and ensure greater financial transparency and accountability across critical sectors of the whole economy’ he added.
The forum is being put together by the Integrated Social Development Centre in collaboration with the Ford Foundation and Trust Africa.
Source: Africafeeds.com/ Fred Dzakpata
