The new report also underscored the “need for African countries to engage in continued revenue mobilization, a concern heightened by the context of the ongoing global novel coronavirus pandemic.”

Released at a virtual launch, the report provides comparable statistics on tax transparency to help policymakers tackle illicit fund flows.

Illicit financial flows in Africa estimated between 50 and 80 billion dollars per year "Illicit financial flows in Africa are estimated between 50 and 80 billion dollars per year. It is estimated that 44% of Africa's financial wealth is held abroad, which corresponds to tax revenue losses of 17 billion euros,” reads the AfDB press release .

Quoted by AfDB , Global Forum Secretariat Head Zayda Manatta highlighted the growing proactive role of African countries in tax transparency and noted the benefits of existing trade-sharing tools.

For his part, the African Development Bank 's Director , Governance and Public Financial Management, Abdoulaye Coulibaly said that "the AfDB strongly believes that collaborations with regional and international partners are key to advancing the tax transparency agenda. which has a significant impact on domestic resource mobilization, the achievement of the SDGs and other regional aspirations, including the African Union's Agenda 2063 and the Bank's High Fives".

He also underscored that the ongoing COVID-19 pandemic is a reminder of the critical importance of domestic resource mobilization in Africa, particularly with regard to fiscal transparency and the fight against illicit flows, in order to better protect populations. against threats to their livelihoods.

The Africa Initiative, launched in 2014, is a partnership of the Global Forum, its African members and regional and international organizations including the African Development Bank , ATAF and the World Bank . The Global Forum has an independent autonomous secretariat based at the OECD Center for Tax Policy and Administration .   African Development Bank , an observer at the Global Forum since 2014, also participates in the Africa Initiative.