$88 billion lost to illicit trafficking – President Akufo-Addo at Africa Prosperity Dialogues

President Akufo-Addo.

By Bright Ntramah

President Akufo-Addo says illicit financial outflow from Africa, estimated at 88 billion dollars is depriving the Continent of significant resources for its development. 

Speaking at the Africa Prosperity Dialogue at Peduase in the Eastern Region, the President outlined four fundamental elements for the prosperity of Africa.

He touched on the need to invest in the productive capacity and critical infrastructure, improve the business and investment climate, and scale up efforts to mobilize domestic resources to advance Africa’s development agenda.

The three-day African Prosperity Dialogues, dubbed the Kwahu Summit 2023, attracted captains of industry, entrepreneurs, economists, bankers and other business leaders in Africa. 

It sought  to create a strategic platform for critical players in Africa’s economy to help transform the AfCFTA objectives from ambitions to real actions. 

President Akufo-Addo said Africa must work with a sense of urgency to guarantee the economic and political prosperity of the Continent. 

He urged African business leaders, to take advantage of the AfCFTA opportunities to push the continent’s investment goals. 

He said, “the AfCFTA, will eliminate tariffs of 97 percent of goods traded within the African Continent, offering opportunities to establish in Africa”.

President Akufo-Addo, said investment in critical infrastructure on the continent is the way to go.

President Akufo-Addo expressed concern about the transfer of illicit financial outflow from Africa.

Individuals and groups promoting trade and the AfCFTA agenda, were honoured at the Forum.

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