Around US $ 50 billion is lost by Africa every year through illicit financial flows, which, according to Global Financial Integrity (GFI) estimates, are growing at an astounding rate of 20.2 percent annually. A phenomenon that is in the agenda of discussions of trade union organizations which are focusing on the essential issues that undermine the development of Africa despite its enormous wealth. The theme for the 7th edition of the Trade Union Forum 2017 of ITUC-Africa that started on Monday 30 January 2017 in Lomé (Fopadesc) is therefore "Stop the illicit financial flows and accelerate the structural transformation of Africa"

For five days, senior officials, union leaders and academic civil society actors, women trade unionists from all parts of Africa will share their experiences and strategies and strengthen their cooperation with the following objectives:

– sensitizing trade union leaders on the trends and patterns of illicit financial flows leaving Africa;

– disseminating the main findings of the report of the high-level panel on flows from Africa;

– exploring possibilities for strengthening collaboration with non-state actors;

– exchange practical strategies and experiences that will guide the advocacy of ITUC-Africa work on financing the structural transformation of Africa.

Another bitter conclusion is that, even though, public development aid remains important in Africa, it is still far from being consistent with the process of true development because African countries remain under the guise of fragile programs.
According to the deputy General Secretary of ITUC-Africa, Adrien Beleki AKOUETE, "African countries must fight against these illicit financial flows so that the funds can contribute to develop Africa as a whole — public development aid can hardly bring happiness to Africans, the needed funds must be endogenous so that development could come of what we produce".
The Director of the African Labor Research and Education Institute of ITUC-Africa, Hilma Mote, exposed the same concern on the causes and consequences of the illicit financial flows, especially, the inability of African leaders to focus or aim at achieving sustainable development as their stepping stone, the alarming unemployment rate, the unprecedented precarious life, the brain drain and she added that "despite the fact that Africa is the richest in natural resources, it always remains the poorest"

It must be noted that the 7th edition of the New Year school will end on Friday February 3rd 2017 with highly expected results:
– A better understanding of the link between licit and illicit financial flows and their impacts on African development
– Increase awareness and understanding of current international and African tax justice campaigns and tax issues;
– Improve understanding between the ITUC-Africa and its affiliates on the nature, sources, and scope of the IFFs on the African continent.