The situation is equally alarming at the continental level, with Africa suffering an estimated annual loss of $89 billion due to illicit financial flows, as reported by the United Nations Conference on Trade and Development (UNCTAD)
The situation is equally alarming at the continental level, with Africa suffering an estimated annual loss of $89 billion due to illicit financial flows, as reported by the United Nations Conference on Trade and Development According to them, Ghana is highlighted as one of the top countries suffering significant revenue losses through tax evasion, tax exemptions, and systemic tax inefficiencies.
- Advertisement -"Our governments must also acknowledge that the problem is a major issue, and I think the biggest challenge in our generation now is the issue of illicit financial flow. Ghana is one of the countries that loses the most because you have natural resources, you have a huge population that is being taxed," he said- Advertisement -"You also have multinational companies in this country and you are losing over $1.
The report identifies Africa as a 'net creditor to the world,' indicating a substantial outflow of capital from the continent.
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