ECA launches new report on extractive sector governance

Nov 03, 2020 | Kapital Afrik

Sudanese Prime Minister Abdalla Hamdok and Economic Commission for Africa (ECA) Executive Secretary Vera Songwe on Friday launched a new publication proposing actions to be taken to stem financial flow leaks illegal before they leave the African coast. The report notes that once these resources leave Africa, recovering them involves a complicated process requiring capacities often scarce in African countries. In addition, the speed and ease of losses beyond national borders easily cross the lines of defense of Africa’s national financial security. This trend, says the report, must be stopped.

The report, titled “The Institutional Architecture to Combat Illicit Financial Flows from Africa” was launched at a high-level roundtable hosted by UN Deputy Secretary-General Amina Mohammed on the theme, “Extractive industries as a driver of sustainable development: The case of Africa”.

The analysis draws on the efforts of the African Union, the Economic Commission for Africa, academia and civil society institutions to stem the illicit outflows of $ 50 billion per year, a conservative estimate. raised in the 2015 report of the High Level Panel on IFFs, chaired by President Thabo Mbeki. The loss, the report notes, accounts for three quarters of the health financing gap estimated at $ 66 billion per year for Africa to make significant progress on SDG 3, on good health and well-being. .

“Sudan welcomes the report and calls for collective action to promote good governance in our extractive sector. The sector is important and can greatly contribute to the mobilization of resources by countries to finance sustainable development on our continent, ”Prime Minister Hamdok said.

“Sudan is in a new phase of reorganization and the challenges of the extractive sector are not lost on the Transitional Government. I invite governments to consider the recommendations of this report, « he adds... Read more on Kapital Afrik

Source: Kapital Afrik