Africa loses massive financial resources, about US$50 billion each year through illicit
activities of multinational companies and rich individuals. These resources, if retained in
the continent, could be invested in productive sectors of these economies to lift the
Africa’s growing population from under-development and poverty.
According to the African Union/Economic Commission for Africa High Level Panel on
Illicit Financial Flows from Africa report, the continent lost about one trillion dollars
(US$1 trillion) between 1980 and 2008. Other estimates are even higher.
The multiplier effects of these losses are much larger. IFFs from Africa in real terms mean
loss of jobs, income, decent education, health facilities and other basic infrastructure
critical to structurally transform the economy of countries in Africa and the
socio-economic conditions of Africans.
According to the High Level Panel’s report the major actors in IFFs from Africa are
multinational companies especially those operating in Africa’s extractive sector, mostly
in oil, gas and mining. These activities pose a major threat to development and security
across the continent. The HLP report recommends 15 solutions African countries must
implement to curtail IFFs from Africa.
It is against backdrop that the Interim Working Group (IWG) comprising six Pan-African
organisations namely Tax Justice Network-Africa (TJN-A), Third World Network-Africa
(TWN-Af), AFRODAD, FEMNET, ITUC-Africa and Trust Africa supported and joined by the
Global Alliance for Tax Justice (GATJ) will launch a unified African campaign platform on
Illicit Financial Flows. Dubbed “STOP THE BLEEDING” the launch will take place on June
25, 2015 in Nairobi, Kenya.
The main goal of the campaign is to stop IFFs from Africa. The aim of the launch is to
implement one Africa Campaign on IFFs that is led and driven by African civil society
organisations with support from other partners including international
non-governmental organisations (INGOs). As a follow up to the public launch of the
Campaign in June, a side event will be held on the margins of the upcoming 3rd
Financing for Development Conference (FfD3) in July in Addis Ababa, Ethiopia.
For more information on how you can be involved in the period leading
up to the 25th June campaign activities and beyond please
contact the following :
NAIROBI : Savior Mwambwa mwambwa@taxjusticeafrica.net | Kwesi Obeng kobeng@taxjusticeafrica.net
ACCRA : Gyekye Tanoh politicaleconomy@twnafrica.org | Cornelius Adedze cadedze@twnafrica.org
DAKAR : Briggs Bomba bomba@trustafrica.org | Paul Takow takow@trustafrica.org
HARARE : Tafadzwa Chikumbu chikumbut@afrodad.co.zw | Munyaradzi T. Nkomo munyaradzi@afrodad.co.zw
LOME : Joel Odigie odigie.joel@gmail.com | Guy Hunt guy.hunt@ituc-africa.org
