Connect with us

Local

West Africa: Ecowas Says Africa Loses $88.6 Billion Yearly to Illicit Financial Flows

Published

on

27 Views

“As we work toward realising the ECOWAS Vision 2050, tackling corruption and illicit financial flows (IFFs) is essential to achieving sustainable development and regional stability.”
The Economic Community of West African States (ECOWAS) has said that illicit financial flows cost Africa a whopping $88.6 billion yearly.
Abdel-Fatau Musah, the ECOWAS commissioner for political affairs, peace, and security, said this during a training on financial investigation for anti-corruption institutions across its member-states. The training wad held in Zuba, Niger State on Monday.
Mr Musah, who was represented by Ebenezer Asiedu, the commission’s head of the democracy and good governance division, according to TheCable , also linked the fragility of democracy in the region to corruption, which is a key driver of illicit financial flows.
He said “democracy in most of our member states faces fragility, particularly due to the menace of corruption.”
Illicit financial flows refer to the movement of money across borders. Such flows are illegal in its source–as in corruption and smuggling; its transfer, as tax evasion; or its use, as in terrorist financing.
Weak laws, regulations and law enforcement activities, bribery and corruption, weak tax and anti-money laundering regimes contribute significantly to the capital haemorrhage through illicit finnacial flows out of Africa.
“For instance, research indicates that Africa loses a staggering $88.6 billion annually due to corruption and illicit financial flows, which takes up 3.7 percent of our continent’s GDP,” Mr Musah said.
He added that, indeed, “corruption and financial crime are among the biggest obstacles to economic and social development in West Africa and around the world.”
Menace of corruption and quest for solutions
He said the regional organisation is making progress in supporting the deepening of democratic governance norms and practices within the region.
“To a greater extent, these efforts have yielded considerable progress in the democratic consolidation in the reqion. In spite of the progress, democracy in most of our Member States faces fragility, particularly due to the menace of corruption,” he said.
He expressed concern on the increasing adoption of crypto-currencies and other emerging forms of online financial systems, saying that it has introduced new risks and vulnerabilities across member states as the financial industry evolves in West Africa.
The commissioner added that this evolution necessitated the need for anti-corruption institutions to develop specialised skills and knowledge to effectively combat these crimes.
“This (training) is part of our renewed commitment to strengthen anti-corruption institutions with advanced investigative techniques to detect, counter, and recover assets linked to financial crimes,” Mr Musah noted.
He also stressed the need to tackle illicit financial flows in the region.
“As we work toward realising the ECOWAS Vision 2050, tackling corruption and illicit financial flows (IFFs) is essential to achieving sustainable development and regional stability.”
He painted a picture of a bright future, saying Africa is making progress in supporting the deepening of democratic governance norms and practices within the region.
‘Strategic partnership’
Also speaking at the gathering, Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), explained that the training was as a result of a strategic partnership between the Network of Anti-Corruption Institutions in West Africa (NACIWA), EFCC and the ECOWAS commission.
“It reflects our shared determination to go beyond rhetoric and invest in tangible capacity-building efforts that enhance the operational capabilities of our institutions.
“Today, we welcome participants from across the sub-region, men and women who are on the frontlines of the fight against corruption, money laundering, terrorism financing, and other financial crimes,” the lead of the Nigerian anti-graft agency noted.
Illicit Flows
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.
The World Bank says illicit financial flows reduce domestic resources and tax revenue needed to fund poverty-reducing programs and infrastructure in developing countries; accordingly, they are receiving growing attention as a key development challenge.
Experts say that illicit and tax avoidance related financial flows (ITAFF) have significant impact on the economic stability of a country and the global financial system as they can drain foreign exchange reserves, distort competition, inflate prices for real estate, lower tax receipts, and reduce government revenue.
Individuals and entities that perpetrate illicit finance divert resources from public spending and cut into the capital available for private investment while such flows can encourage criminal activity, undermine the rule of law, erode trust in public institutions, and threaten political stability.
Many African countries lose billions of dollars in capital to illicit flows, which relate principally to commercial transactions, tax evasion, criminal activities (money laundering, and drug, arms and human trafficking), bribery, corruption and abuse of office.
Read the original article on Premium Times.
AllAfrica publishes around 500 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.
AllAfrica is a voice of, by and about Africa – aggregating, producing and distributing 500 news and information items daily from over 110 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC.
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.

source

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Local

Africa: Expanding Market Access – Unlocking New Opportunities for Entrepreneurs

Published

on

6 Views

Sometimes, one opportunity is all it takes to change the trajectory of a business. For many women in the WCW Programme, 2024 has been a year of breakthroughs – where barriers gave way to bridges, and small businesses found space to grow.
Thanks to focused coaching and training, WCW entrepreneurs opened the door to over 10 new markets, generating opportunities valued at more than US$200,000. With tailored procurement support, they went even further – securing five supplier partnerships in Tanzania and seven in Zambia. These aren’t just numbers. They’re new deals signed, new shelves stocked, and new markets won.
Behind this progress is WCW’s strong belief in insight before action. Partnering with a leading service provider, the programme is helping entrepreneurs decode market trends, customer behaviours, and competitor landscapes. Through boot camps in six countries, women are now equipped with sharper strategies to position and promote their businesses like pros.
In the agriculture and agro-processing sectors, WCW is collecting critical data to pinpoint entry barriers, market concentrations, and competitive pressures. These insights are more than academic – they’re fuelling policy advocacy aimed at making it easier for small businesses to enter and thrive in high-potential sectors.
Support is also happening behind the scenes. WCW has brought in seasoned service providers to guide entrepreneurs in securing offtake agreements – particularly in agribusiness, where the potential to scale is massive. Plans to roll out a collective/aggregation model are also underway, giving smaller businesses the power to move together and tap into bigger supply chains.
Key Voices:
“The programme helped me focus on customer needs, allowing me to improve service delivery and expand my product range.”
— Participant from Tanzania
“The WCW-I programme has been helping me develop confidence, refine operations, and expand my market reach.”
— Participant from Zambia
With clearer pathways and stronger partnerships, WCW is showing what’s possible when entrepreneurs are given the tools – and the trust – to lead their own growth.
Read the original article on Graça Machel Trust.
AllAfrica publishes around 500 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.
AllAfrica is a voice of, by and about Africa – aggregating, producing and distributing 500 news and information items daily from over 110 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC.
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.

source

Continue Reading

Local

US to ban artificial food dyes in cereals, snacks and beverages

Published

on

7 Views

(BBC) US Health Secretary Robert F Kennedy Jr is set to announce a ban on certain artificial food dyes, according to a statement from the health agency.

Kennedy plans to announce the phasing out of petroleum-based synthetic dyes as a “major step forward in the Administration’s efforts to Make America Healthy Again” the US Department of Health and Human Services (HHS) said on Monday.

No exact dates for the changes were provided, but HHS said Kennedy would announce more details at a news conference on Tuesday.

The dyes – which are found in dozens of foods, including breakfast cereals, candy, snacks and beverages – have been linked to neurological problems in some children.

On the campaign trail alongside Donald Trump, Kennedy last year pledged to take on artificial food dyes as well as ultra-processed foods as a whole once confirmed to lead to top US health agency.

The move comes after the Food and Drug Administration (FDA) earlier this year banned one dye, Red Dye 3, from US food and pharmaceuticals starting in 2027, citing its link to cancer in animal studies. California banned the dye in 2023.

Most artificially coloured foods are made with synthetic petroleum-based chemicals, according to nutrition nonprofit Center for Science in the Public Interest (CSPI).

Some of the petroleum-based food dyes include Blue 1, used in candy and baked goods; Red 40, used in soda, candy, pastries and pet food; and Yellow 6, also used in baked goods and drinks. Synthetic food dyes are found in dozens of popular foods including M&M’s, Gatorade, Kool-Aid and Skittles.

The only purpose of the artificial food dyes is to “make food companies money”, said Dr Peter Lurie, a former FDA official and the president of CSPI.

“Food dyes help make ultra-processed foods more attractive, especially to children, often by masking the absence of a colorful ingredient, like fruit,” he said. “We don’t need synthetic dyes in the food supply, and no one will be harmed by their absence.”

Companies have found ways to eliminate many of the dyes in other countries, including Britain and New Zealand, said former New York University nutrition professor Marion Nestle.

For example, in Canada, Kellogg uses natural food dyes like carrot and watermelon juice to colour Froot Loops cereal, despite using artificial dyes in the US.

How harmful the synthetic dyes are is debatable, said Ms Nestle.

“They clearly cause behavioural problems for some – but by no means all – children, and are associated with cancer and other diseases in animal studies,” she said.

“Enough questions have been raised about their safety to justify getting rid of them, especially because it’s no big deal to do so,” she added. “Plenty of non-petroleum alternative dyes exist and are in use.”

In 2008, British health ministers agreed to phase out six artificial food colourings by 2009, while the European Union bans some colourings and requires warning labels on others.

In recent months, Kennedy’s food-dye ban has found momentum in several state legislatures. West Virginia banned synthetic dyes and preservatives in food last month, while similar bills have been introduced in other states.

The post US to ban artificial food dyes in cereals, snacks and beverages appeared first on ZNBC-Just for you.

source

Continue Reading

Local

Africa: Captain Ibrahim Traoré – the Soldier Selling Africa False Hope

Published

on

6 Views

Traoré’s anti-democratic posture is not a blueprint for development — it is a calculated strategy to entrench military rule under the guise of a populist revolution.
What Traoré is selling is not a radical reimagining of governance. It is an age-old authoritarian tactic: discredit democracy, invoke national pride, and suppress dissent — all while consolidating power… Since assuming power through a 2022 coup, Traoré has suspended political parties, cracked down on the press, and muzzled civil society organisations. He claims these actions defend national sovereignty and promote a “popular, progressive revolution.”
Clad in fatigues and fluent in fiery rhetoric, Captain Ibrahim Traoré of Burkina Faso has emerged as a poster child of a new wave of African populism. To his supporters, he is a revolutionary — bold, youthful, and principled.
To the disillusioned youth across the continent, he offers a seductive promise: progress without the inconveniences of democracy. But behind the revolutionary slogans and Sankara-inspired aesthetics lies a far less romantic reality.
Traoré’s anti-democratic posture is not a blueprint for development — it is a calculated strategy to entrench military rule under the guise of a populist revolution. Let us be clear, Africa has every right to interrogate the forms and functions of democracy on the continent.
For decades, many African states have endured dysfunctional governance, hollow elections, and endemic corruption — even under democratically elected leaders. But that frustration must not be manipulated into legitimising authoritarianism.
What Traoré is selling is not a radical reimagining of governance. It is an age-old authoritarian tactic: discredit democracy, invoke national pride, and suppress dissent — all while consolidating power.
Since assuming power through a 2022 coup, Traoré has suspended political parties, cracked down on the press, and muzzled civil society organisations. He claims these actions defend national sovereignty and promote a “popular, progressive revolution.”
But there is little “popular” about a regime that stifles dissent and sidelines citizen participation. Beneath the rhetoric, his governance follows a familiar authoritarian script: glorify the military, delegitimise the opposition, and centralise authority.
His framing of democracy as a Western construct is both lazy and intellectually dishonest. Democracy is not a Western invention — it is a universal aspiration. It is not perfect — no system is — but it provides tools for accountability, the protection of rights, and peaceful transitions of power.
Traoré’s assertion that no country has developed under democracy ignores glaring counterexamples: India, Indonesia, Botswana, Mauritius, and even South Africa — imperfect democracies that have made tangible developmental progress.
Democracy is not the enemy of progress; bad leadership is. Traoré frequently cites China and Rwanda as models of authoritarian success. But cherry-picking these exceptions while ignoring the graveyard of failed autocracies is deeply misleading.
For every China, there are countless Zimbabwes, Sudans, and Libyas — nations brought to their knees by unchecked power. Even China’s economic gains have come at great human cost: widespread censorship, suppression of dissent, and the erosion of personal freedoms — trade-offs many Africans are neither willing nor ready to accept.
In truth, Traoré’s appeal is more symbolic than substantive. His military garb, rejection of Western aid, and Pan-Africanist slogans serve a performative function — designed to project the image of a revolutionary, while masking the repressive nature of his regime.
It is political theatre, expertly staged for a generation hungry for change but jaded by the failures of democracy. And let us not be fooled by his youth or populist flair. Africa has seen this movie before.
From Mobutu in Zaire to Mengistu in Ethiopia, the continent’s post-independence history is littered with military strongmen who promised renewal but delivered repression. They all began with charismatic appeals and revolutionary fervour.
They all ended with censorship, violence, and economic ruin. Traoré’s growing popularity among young Africans — many of whom have no memory of the brutality of past military regimes — is understandable, but dangerous.
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.
Disillusionment with democracy should fuel reform, not nostalgia for dictatorship. Africa does not need another soldier-saviour. It needs strong institutions, functional systems, and an empowered citizenry — not one infantilised by authoritarian paternalism.
If Captain Traoré is genuinely committed to African sovereignty and development, let him invest in institution-building. Let him empower an independent judiciary, uphold press freedom, invest in civic education, and be accountable to the people — not just through speeches, but through action.
Anything less is not leadership — it is manipulation. The truth is, democracy does not fail because it is un-African. It fails when it is hijacked by corrupt elites, undermined by weak institutions, and eroded by poverty and exclusion.
The solution is not to discard democracy — but to fix it, to deepen it, to make it real. That is the only sustainable path to development, dignity, and self-determination.
Umar Farouk Bala writes from Abuja. He can be reached via: umarfaroukofficial@gmail.com.
Read the original article on Premium Times.
AllAfrica publishes around 500 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.
AllAfrica is a voice of, by and about Africa – aggregating, producing and distributing 500 news and information items daily from over 110 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC.
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.

source

Continue Reading

Trending

Copyright © 2024 an24.africa