(PHOTO CREDITS: Courtesy APTANTECH)
With the onslaught of the global coronavirus pandemic, there are concerns that the scale and scope of Illicit Financial Flows (IFFs) could be increasing. While authorities focus on the pandemic, other actors should not be distracted. Tax Justice Network Africa (TJNA) has embraced innovation to remain on course and will be hosting a virtual capacity building activity for tax justice advocates in Africa.
Themed Tax Justice Advocacy: increasing participation of Civil society organisations and journalists through capacity building, the seventh edition of the International Tax Justice Academy (ITJA) brings together participants from the entire continent drawn from the civil society, media, trade unions and academia.
Africa is endowed with significant natural resource wealth and with good husbandry could finance its own development. There however exist illegal cross border movement of money and capital that threaten the continent’s sustainable development and have been growing every year. If there has been a growing recognition of threat that Illicit Financial Flows (IFFs) pose on the continent’s integrity and stability of its financial system in normal times, how about during a pandemic?
Africa is home to the world’s largest arable landmass; second largest and longest rivers (the Nile and the Congo); and its second largest tropical forest. According to a study by the African Development Bank, the total value added of its fisheries and aquaculture sector alone is estimated at $24 billion. In addition, about 30% of all global mineral reserves are found in Africa. The continent’s proven oil reserves constitute 8% of the world’s stock and those of natural gas amount to 7%. Minerals account for an average of 70% of total African exports and about 28% of gross domestic product. Even with such enormous resources, the continent’s poverty rate stands at 41%, and out of the world’s 28 poorest countries, 27 are in Africa all with a poverty rate above 30%.
