Financial and policy experts have called for closer collaboration among African governments, regulatory agencies, financial institutions, and international partners to combat illicit financial flows, which are estimated to cost the continent about $88 billion every year. Speaking at a regional forum, participants described illicit financial flows as a major obstacle to sustainable economic growth, public investment, and poverty reduction across Africa. They noted that illegal movement of funds through tax evasion, corruption, trade mispricing, money laundering, and other unlawful financial activities deprives countries of resources that could otherwise be invested in healthcare, education, infrastructure, security, and economic development. According to the experts, tackling the challenge requires stronger legal frameworks, improved financial oversight, enhanced cross-border cooperation, and greater transparency in both the public and private sectors. They also emphasized the importance of deploying modern technology, strengthening intelligence sharing, and building the capacity of law enforcement and regulatory institutions to detect and prevent financial crimes. Participants urged governments to implement reforms that encourage accountability while promoting responsible business practices and effective tax administration. They further stressed that regional cooperation is essential because illicit financial flows often involve transactions that cross national borders, making coordinated action more effective than isolated efforts. The experts expressed confidence that sustained partnerships between African nations and international organizations would help recover lost resources, strengthen public finances, and create a more transparent financial system. They concluded that reducing illicit financial flows would support long-term economic growth, improve investor confidence, and provide governments with additional resources to fund critical development projects across the continent.
