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Can Africa curb illicit cash flow?

Continent-wide problem results in over $1 trillion siphoned off since 1980.

Last updated: 27 Apr 2014 20:56
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African leaders have been meeting in Bahir Dar in Ethiopia to find a way to stop vast sums of money from being illegally taken out of Africa.

Many countries on the continent are experiencing remarkable economic growth, but illegal financial dealings prevent this growth from translating into better living conditions for many African citizens.

The cash outflow is the result of many factors, including poor financial regulatory frameworks, weak and non-harmonised tax regimes and opaque public procurement and contracting. Criminal networks are also to blame.

But what will it take to properly address the issue? And is political will alone enough?

Presenter: Hazem Sika

Guests:

James Schneider, editor of Think Africa Press. He specialises in equitable development in Africa.

Aly-Khan Satchu, CEO of Rich Management. He is also an economist and author.

Francois Ndengwe, founder of the African Advisory Board, which deals with economic development, and a founding member of the Congress of African Economists. 

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Source:
Al Jazeera
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