Ghana’s President, Nana Addo Dankwa Akufo-Addo, has urged African states to take steps to stop corporations from engaging in illicit financial transactions and evading taxes.
According to President Akufo-Addo, the current condition is depriving the continent crucial tax revenue and development.
The President underlined the need of African states growing their internal economy without interference from foreign regulations during the opening ceremony of the African Development Bank’s 57th Annual Meetings in Accra.
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“[The]Time has come to move towards an economic module which serves our interest and not others. Profits from our resources have benefited foreign creditors for far too long, while we suffer on the international capital market. It is time we worked to address and remove the structural barrier to our development.”
“We must also deal with tax dodging and illegitimate commercial transactions by multinationals, which account for 60% of the $88 billion of illicit financial outflows from the continent annually.
The 57th Annual General Meetings of the African Development Bank (AfDB), which are currently underway at the Accra International Conference Centre, will set the agenda for Africa’s transformation and recovery from the current economic challenges it faces, including the ongoing pandemic and the Russia-Ukraine war.
SOURCE: CITINEWS
