AFRICA LOSES $ 50 BILLION ANNUALLY

Hon. Akwasi Oppong Fosu

By Christian Kpesese

A Minister of State at the Presidency, Hon Akwasi Oppong Fosu has disclosed that Africa loses an estimated value of over 50 billion dollars annually through mispricing of goods alone.

These losses some through illicit financial flows and associated economic crimes, tax evasion, transfer pricing and money laundering he noted has over the years deprived the continent of the much needed domestic expenditure and investment resources for her rapid economic transformation.

Mr Oppong Fosu made this disclosure when he addressed the 2015 Crans Montana Forum which hosted the 17th International Summit on Homeland, Global Security and Transnational Crime held in Geneva Switzerland.

According to him, Africa remains a paradox-described as resource- rich but access poor partly because of corruption and mis-governance due to weak regulatory framework on the part of its leaders.

He stated that Africa’s natural resource exploitation has led to poverty, unemployment and environmental degradation.

The minister noted that HIV/AIDS and the recent Ebola epidemics continue to fuel social and political tensions in Africa resulting in threats to global security and peace.

Hon. Oppong Fosu who is also the Member of Parliament for  the Amenfi  East constituency and former minister for both Local Government and Rural Development and Environment, Science Technology and Innovation stated that the annual illicit financial transfers from the continent is estimated to be double what Africa receives from the so-called developed world as the Overseas Development Assistance.

 This he said has left Africa with fewer resources to fight poverty and deprivation through the provision of basic services that are much needed for her economic and social infrastructure growth for improvement of the standard of living for her populace.

He revealed that the African Union has established a High Level Panel on Illicit Financial Flows from Africa to help check the drain on the continent.

Hon Oppong Fosu noted the menace pose a threat to global peace and security and called for concerted efforts from the global community to protect the continent from exploitation.

However, Mr Oppong Fosu stated that Africa’s economic prospects over the last decade remain very high and very optimistic

“On the economic front, Africa is transforming very fast with a rapid and sustained economic growth over the last decade. Many African countries continue to grow at a fast pace averaging 4.5% in 2014 and projected to grow at 5.1% this year” he noted.

He called on all well-meaning nations to help protect Africa which is becoming a major target for the threat of terrorism and associated crime since Africa represents tomorrow's alternative for the globe.

Editorial

PROPAGANDA

If you want to know what propaganda is then please try listening to Dr  Mahamoud Bawumia, Vice Presidential Candidate of the New Patriotic Party(NPP).

He held a press conference in Accra and said, the cost of building a new airport at Ho is US$25 million and the cost of just resurfacing the runway at the Kumasi Airport is US$20 million.

Then he poses the question “was the Kumasi runway paved with gold?”

Woow!

Let’s examine the claims of Dr Bawumia.

 Dubai airport is so big that the resurfacing of its runway can probably build 30 or more of Kotoka International airport?

Can there be something wrong here?

Let’s be careful or we might swallow propaganda as fact.