International criminal syndicates, local politicians and government functionaries, and unscrupulous corporates are robbing Africa of the millions needed to uplift its people and grow the economy.It is estimated that crime costs Africa about $90 billion annually.Speaking at the launch of the African Development Bank Group’s African Economic Outlook 2023 report, Mobilising Private Sector Financing for Climate and Green Growth in Africa, Kevin Chika Urama, senior director of the African Development Institute at the African Development Bank Group, said “emerging evidence suggests that the level of illicit resources and financial f lows out of Africa’s resource-rich countries far outweighs current estimates. “Similarly, a cursory review of conf licts in Africa suggests strong correlations with resource wealth of countries. “Further research and forensic audits of Africa’s extractive sectors and exports is recommended.”Among the other key barriers to growth documented in the report include undervaluation of natural resources; lack of resource governance capacity which leads to weak regulatory structures and institutions; ill-suited financing models, market failures and missing markets leading to significant underpricing of Africa’s natural assets in global markets; illicit resource f lows due to organised crime and resource theft; tax avoidance; and illicit financial f lows.Corruption in the Southern African Development Community (SADC) came under the spotlight at a meeting of the heads of anti-corruption agencies in mid-October.Speaking during the opening session, the director of the SADC Organ on Politics, Defence and Security Affairs, Professor Kula Ismael Theletsane, said corruption undermined the rule of law, and eroded public trust which, in turn, could affect peace and security in the region. He said the SADC region had the necessary frameworks and legal instruments to facilitate cooperation between the member states in the fight against corruption.Agreements include the SADC Protocol Against Corruption, the Protocol on Mutual Legal Assistance, and the SADC Integrated Strategy to Combat Transnational Organised Crime.The meeting called for enhanced collaboration with national parliaments to leverage their constitutional mandate to facilitate domestication of regional and international instruments. The United States is tackling illegal gold mining.“The US government is committed to addressing the relationship between gold and the illicit revenue streams that contribute to and fund conflicts, corruption, and other concerns in sub-Saharan Africa. “This includes development programmes, sanctions actions directed at actors throughout the gold supply chain, and financial and business risk adv isor ies,” according to a joint statement by a number of state departments.
