President Nana Addo Dankwa Akufo-Addo has criticized nations that receive illegal financial flows from Africa for their failure to repatriate such tainted funds. He questioned why these recipient nations would retain ill-gotten wealth while simultaneously accusing African countries, the source of these funds, of corruption.
The President emphasized that Western countries and other recipient nations have a moral obligation to return the proceeds of illegal financial flows to the African countries that originally lost them. Speaking during Ghana’s National Statement at the 78th Session of the United Nations General Assembly in New York, he proposed a collaborative effort between the African Union and the Organization for Economic Cooperation and Development (OECD), operating under the auspices of the United Nations, to address the issue of illegal financial flows from Africa.
President Akufo-Addo emphasized, “Yes, those funds must be repatriated to the continent. It is perplexing that the recipient countries are comfortable retaining such funds while readily labeling the countries from which the money was taken as corrupt.”
Africa suffers an annual loss of over $88 billion due to illegal financial flows, severely hampering the continent’s economic development. Despite the efforts of African governments to combat this problem, it continues to persist and worsen year after year.