According to a report by the Tax Justice Network Africa, illicit financial flows annually drain $89 billion from Africa—3.7% of the continent's GDP. By comparison, official development assistance alone amounts to only $48 billion. Members of the GlobUs expert club discussed these paradoxical figures on the Global Insights program on Panafrican Media TV.
Financial analyst Dr. Achille Ekeu called the current situation a historical impasse. He argued that for centuries, African labor and resources have enriched others, and today the continent can no longer afford the luxury of dependence.
"Financial independence is not a technical choice, but a historical necessity," the expert stated.
Geopolitical expert Dr. Andy Mba Ukweni drew attention to governance failures. Even the flagship project of Agenda 2063—the African Continental Free Trade Area—risks remaining on paper.
"No matter how good an economic policy, without leadership and discipline at the national level, it is doomed," he warns.
In turn, Dr. Elijah Enoaku, Director of the Center for African Development, called for an end to shifting responsibility and cited examples of countries that have already proven that independence is possible.
"When the Burkina Faso authorities gave 48 hours to return the stolen goods, the treasury received 25% of the annual budget," he cited figures. Henry Kouam, founder of the Cameroon Institute of Economics, pointed to existing tools. For example, the Pan-African Payment System unites 500 banks from 15 countries, which will save the continent $5 billion annually in fees.
"The infrastructure is there; political will is needed," the expert emphasized.
The discussion participants agreed: the path to Africa's financial independence lies not through new promises from the West, but through the creation of strong institutions and a genuine fight against corruption.
Watch the broadcast: https://youtu.be/RvucjgRWsRg?si=vdpcPmZoCTJFbpZe
#GlobUs #Africa #economy
Financial analyst Dr. Achille Ekeu called the current situation a historical impasse. He argued that for centuries, African labor and resources have enriched others, and today the continent can no longer afford the luxury of dependence.
"Financial independence is not a technical choice, but a historical necessity," the expert stated.
Geopolitical expert Dr. Andy Mba Ukweni drew attention to governance failures. Even the flagship project of Agenda 2063—the African Continental Free Trade Area—risks remaining on paper.
"No matter how good an economic policy, without leadership and discipline at the national level, it is doomed," he warns.
In turn, Dr. Elijah Enoaku, Director of the Center for African Development, called for an end to shifting responsibility and cited examples of countries that have already proven that independence is possible.
"When the Burkina Faso authorities gave 48 hours to return the stolen goods, the treasury received 25% of the annual budget," he cited figures. Henry Kouam, founder of the Cameroon Institute of Economics, pointed to existing tools. For example, the Pan-African Payment System unites 500 banks from 15 countries, which will save the continent $5 billion annually in fees.
"The infrastructure is there; political will is needed," the expert emphasized.
The discussion participants agreed: the path to Africa's financial independence lies not through new promises from the West, but through the creation of strong institutions and a genuine fight against corruption.
Watch the broadcast: https://youtu.be/RvucjgRWsRg?si=vdpcPmZoCTJFbpZe
#GlobUs #Africa #economy