Intensify efforts to prevent illicit outflows from Africa — Akufo-Addo to peers

President Nana Addo Dankwa Akufo-Addo has urged African leaders to urgently address illicit financial outflows from the continent, which deprive Africa of crucial development resources.

Speaking at the Sixth African Union (AU) Mid-Year Coordination meeting in Accra, he stressed the need to implement the Mbeki Commission's 2011 recommendations to curb these flows.

Akufo-Addo proposed depositing 30% of African reserves in African multinational banks to enhance financial stability and self-reliance.

The meeting, focused on harmonizing AU policies with Regional Economic Communities, emphasized boosting development financing, strengthening governance, and supporting the African Continental Free Trade Area (AfCFTA) for economic integration and sustainable growth.