Liberia’s Minister of Foreign Affairs, Mr Augustine Ngafuan, on Tuesday said Africa was losing over 50 billion dollars annually, through illicit financial flows.
Ngafuan said at the 20th annual endowment fund lecture of the West African Examinations Council (WAEC) in Lagos that reports on such illicit financial flows were submitted by the Thabo Mbeki-led panel.
The News Agency of Nigeria (NAN) reports that the lecture was part of events lined-up for the 63rd annual council meeting of the examination body.
The theme of the lecture was: “What else are we writing on the slate: A call for Holistic Preparation of the Youth.”
NAN also reports that the endowment fund was established by the Council at its 30th annual meeting in March 1982, to promote educational development projects of international nature.
It was established to provide awards for outstanding performance by candidates in the council’s examination.
Ngafuan described such financial flows as money illegally earned, transferred or used, adding that such financial transfers were worrisome, given the inadequate growth and high levels of poverty in Africa.
“We have serious resource needs, as well as contending with the changing global landscape of official development assistance, received by Africa during the same time frame.
“Poverty in Africa remains a serious concern because of its multidimensional nature.
“This is in the sense of limited access to education, healthcare, housing, potable water and sanitation, which put the estimated 50 billion dollars in better perspective.
“This figure is indeed alarming and mind-boggling, at a time when more than 400 million Africans are living in absolute poverty,’’ he said.