The COVID-19 pandemic highlighted structural inequalities in the global economy while exposing vulnerabilities on the African continent, including pervasive illicit financial flows (IFFs) depriving countries of resources that could go toward financing their development. To end this financial haemorrhage, a global framework against IFFs must be established.
African countries are facing challenges in achieving the Sustainable Development Goals (SDGs). A lack of financial resources is contributing to their struggles, compounded by inadequate spending patterns depriving the continent of the resources it needs for its development. Countries across the continent need to rein in wasteful public spending and focus on boosting activities to tackle a tepid COVID-19 recovery to put the SDGs back on track.
New York, 29 November 2022 每 The UN Office of the Special Adviser on Africa (OSAA) released its latest report, ※Financing for Development in the Era of COVID-19: The Primacy of Domestic Resources Mobilization in Africa§ at a special event chaired by Ambassador Pedro Comiss芍rio Afonso, Permanent Representative of the Republic of Mozambique to the UN and Chair of the African Group in New York.?
Weak institutions, especially revenue collection and customs authorities, are a challenge in Africa, which loses billions in potential tax revenue. Addressing governance issues and improving transparency in the use of public resources is vital to building trust and generating increased domestic resources. Technological improvements and digitization could be leveraged to support.
