Leaders Rally to Curb Illicit Financial Flows as Africa Loses Shs322.5 Tn Annually

By Pedson Mumbere | Thursday, March 20, 2025
Leaders Rally to Curb Illicit Financial Flows as Africa Loses Shs322.5 Tn Annually

Speaker of Parliament Anita Among has called on African nations to intensify efforts to combat illicit financial flows (IFFs), which drain an estimated US$88 billion (Shs322.5 trillion) annually from the continent.

She made the appeal while presiding over the African Organisation of Public Accounts Committees (AFROPAC) Conference and Fifth Annual General Meeting at Golden Tulip Hotel, Kampala.

The conference, which runs until 21st March 2025, is themed “Strengthening Legislative Action to Combat Illicit Financial Flows and Foster Public Financial Resilience.”

Among emphasized the devastating effects of these financial leakages on critical public services.

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Leaders Rally to Curb Illicit Financial Flows as Africa Loses Shs322.5 Tn Annually News

“This loss is felt through the lack of health facilities, schools, roads, rural electrification, and natural resource development,” she stated.

The Speaker commended Public Accounts Committees (PACs) for their ongoing efforts in tackling fiscal mismanagement but underscored the need for greater transparency, stronger governance, and institutional accountability to curb these losses.

Uganda, among the hardest-hit countries by illicit financial flows, loses an estimated US$1.3 billion (Shs4.8 trillion) annually due to trade misinvoicing, tax evasion, and corruption-related activities, according to the Global Financial Integrity (GFI) Report.

These losses severely undermine economic growth, with essential sectors like health, education, and infrastructure suffering significant funding deficits.

To support AFROPAC’s efforts, Among announced plans for increased financial backing from the Association of African Parliament Speakers.

“We will push for more funding to AFROPAC so that we safeguard Africa’s wealth,” she affirmed.

Hon. Medard Sseggona, AFROPAC Chairperson and Chairperson of Uganda’s PAC (Central Government), stressed the importance of regional cooperation in the fight against illicit financial flows.

“By collaborating, we can create a united front against those who illegally drain Africa’s wealth. We welcome our new partner, the Global Fund, for joining this critical cause,” Sseggona said.

He urged African governments to increase funding to AFROPAC to strengthen public financial oversight and emphasized that the conference must yield concrete solutions.

“By the end of this conference, we must have actionable resolutions to equip our countries with the tools needed to effectively fight illicit financial flows,” he added.

AFROPAC Secretary General Hon. Mark Botomani acknowledged the persistent challenge of ensuring governments implement PAC recommendations.

He highlighted the importance of utilizing public resources for sustainable development and economic growth.

“The fight against illicit financial flows is about ensuring that public resources benefit citizens rather than being siphoned away,” Botomani noted.

Founded in 2013, AFROPAC is a Pan-African network of parliamentary oversight committees dedicated to promoting good governance, transparency, and accountability in public resource management.

With over 100 delegates from across Africa in attendance, the conference is expected to produce key policy recommendations to close financial loopholes, boost resource mobilization, and enhance public financial resilience across the continent.

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