Africa should be able to protect her resources-Akuffo Addo

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President Nana Akufo-Addo has said that for Africa to be able to transform herself and become the embodiment of economic empowerment and self-reliance, she needs to have the assets to be able to protect and revamp the resources at her disposal.
President Akufo-Addo who was speaking at the EBII Africa Investments Risk and Compliance (IRC) Summit, on Friday, at the Oxford University, cuationed African governments to build robust financial compliance systems, and ensure strict enforcement of these systems.
Speaking on the theme ‘Financial Crime Compliance and ESG – The Future of African Investment’, the President said that a recent report has put the cost of financial crime compliance across all financial institutions, globally, at an all-time high of $180.9 billion for the year 2020.
According to President Akufo-Addo, part of the reality in Africa is that there are huge illegal financial transactions, as was revealed in the 2015 Thabo Mbeki report on Illicit Financial Flows from Africa, which revealed that Africa was losing, annually, more than $50 billion through illegal financial transactions.

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