Let’s stop the multinationals from dodging tax in our continent – Akufo-Addo to African leaders
President Akufo-Addo has advised African governments to put measures in place to curb illicit financial transactions and tax evasion by multinationals.
Mr Akufo-Addo bemoaned how the act is denying the continent the needed tax revenue and development.
Delivering his speech at the opening ceremony of the 57th Annual Meeting of the African Development Bank in Accra, the President stressed the need for African governments to also grow their domestic economies without interference from external controls.
“[The]Time has come to move towards an economic module which serves our interest and not others. Profits from our resources have benefited foreign creditors for far too long, while we suffer on the international capital market. It is time we worked to address and remove the structural barrier to our development.”
“We must also deal with tax dodging and illegitimate commercial transactions by multinationals, which account for 60% of the $88 billion of illicit financial outflows from the content annually,” he added.
The 57th African Development Bank (AfDB) Annual General Meeting which commenced at the Accra International Conference Centre will set the agenda for Africa’s transformation and recovery from the current economic challenges facing the continent amid the ongoing pandemic and the Russia-Ukraine war.
