Ensure strict compliance of robust financial systems – Akufo-Addo to governments’

• African government’s have been urged to build robust financial systems to avert illicit financial outflows

•President Akufo-Addo believes this would assist economies of countries to remain self-reliant

•Africa is suffering from a huge illicit financial outflow problem

President Nana Addo Dankwa Akufo-Addo has underscored the need for African countries to build a robust financial compliance system and ensure a strict enforcement of systems.

This the president believes will be transformational to curb financial crimes and offer self-reliance for African economies.

Speaking at the EBII Africa Investments Risk and Compliance (IRC) Summit at the University of Oxford President Akufo-Addo stated that a recent report has put the cost of financial crime compliance across all financial institutions globally, at an all-time high of US$180.9 billion for the year 2020.

“We must, therefore, build robust financial compliance systems, and ensure strict enforcement as a deterrent. A strong regulatory environment, whilst reducing these illicit outflows, would, in the end, lead to more private capital being attracted to the continent for genuine investment,” he added.

Already, Africa is suffering from a huge illicit financial outflow problem which has been captured in a 2015 Thabo Mbeki report on Illicit Financial Flows from Africa.

The report revealed that Africa was annually losing more than US$50 billion through illicit financial outflows.

“Five years later, according to UNCTAD’s Economic Development in Africa Report 2020, the figure has gone up from US$50 billion to $88.6 billion each year. That is a lot of money in any currency, and it is money we ill-afford to forego. It is money that would make a significant addition to the investable funds of the continent,” president Akufo-Addo urged.