Revealed: Africa loses Sh132tr to illicit deals annually

>Tanzania loses about Sh3 trillion ($1.87 billion) in tax revenue every year through cheating by dishonest companies in import and export transactions, a new study reveals.

>Kenyan taxpayers are losing more than Ksh1.8 billion annually in salary payments to ghost workers in the Civil Service, a fresh audit of the public service payroll has revealed.

Ahead of its summit in June, the AU has elevated the stemming of illegal transfer of capital as a top priority.

On the Left: Mr. David Robinson, ‎Deputy Director, African Department at International Monetary Fund (IMF); in the middle: Mr. Armando Manuel, Chair of the African Caucus and Minister of Finance of Angola.

*The forum assembles more than nineteen Ministers of Finance and fourteen Governors of the Central Banks

The development of the continent continues to be affected by insufficient resources.

The President of the African Group and Minister of Finance of Angola, Armando Manuel, declared in...

Most of the contracts into which African countries enter are unfair to the continent, the African Legal Support Facility director, Mr Stephen Karangizi, observed here yesterday.

With oil in Niger and Uganda, natural gas in Mozambique and Tanzania, iron ore in Guinea and Sierra Leone–African countries are increasingly finding rich new deposits of oil, gas, or minerals and just as quickly, attracting the courtship of international companies that are drawn to Africa’s new bonanza in extractives wealth.

China and South Africa sign deals and loans valued at $6.5bn (£4.3bn), with the focus on building infrastructure in the African giant.

President Barack Obama announced billions of dollars in investment for Africa on Tuesday, as the United States challenges China and Europe’s leading roles in the continent’s economic emergence.

Abuja. A high-level panel wants commitment from the continent’s leaders to curb illicit financial flows from Africa, which cost the continent $50 billion (Sh80 trillion) annually.