Africa’s fight against Illicit Financial Flows gains momentum; details revealed

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Africa is losing approximately $40 billion annually due to illicit financial flows (IFFs) in the extractive sector, according to Mr. Antonio Pedro, Deputy Executive Secretary of the Economic Commission for Africa (ECA). He made this statement at the High-Level Policy Dialogue (HLPD) in New York, which marked the end of the 2025 African Dialogue Series (ADS).

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Pedro emphasised that these financial losses hinder developmental progress, exacerbate economic injustices, and deprive African populations of essential resources. He attributed IFFs in the extractive sector to Africa’s excessive dependence on raw material exports, a legacy of colonialism.

He stressed that exporting raw materials means exporting jobs, which Africa cannot afford given the need to create at least 20 million jobs annually for youth. Pedro advocated for addressing IFFs and their root causes to be at the centre of Africa’s development policy.

The ECA official highlighted strategic frameworks like the African Mining Vision and the African Green Minerals Strategy, which promote resource-driven industrialisation and value addition. He emphasised the importance of global collaboration, sustainable development, and African nations uniting to advocate for their interests.

Pedro called for integrated policy implementation and cooperation among governments, mining enterprises, local communities, and financial institutions to prioritize sustainable development in the extractive sector. “As we advance, prioritising sustainable development and tackling systemic problems that perpetuate IFFs, along with reparatory measures, is a crucial step to achieving justice for Africa,” he said.

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