Zambian MP Calls for United African Action to Curb Illicit Financial Flows
Luapula Constituency Member of Parliament, Eng. Chanda Katotobwe, has called on African leaders to unite and act decisively in addressing Illicit Financial Flows (IFFs), warning that the practice continues to rob the continent of its wealth and hinder sustainable development despite its vast natural resources.
Speaking on the sidelines of the 10th Anniversary of the African Parliamentary Network on Illicit Financial Flows and Taxation (APNIFFT) in Sandton, Johannesburg, Eng. Katotobwe described IFFs as “one of the most complex and damaging challenges” to Africa’s economic growth.
“Africa has lost trillions of United States dollars through Illicit Financial Flows, especially in the extractive industries such as mining,” he said. “This continuous bleeding of our resources has contributed to worsening poverty levels on the continent, despite our abundance of natural wealth.”
Eng. Katotobwe, who also serves as Chairperson for the APNIFFT Zambia caucus, urged African nations to take deliberate and affirmative steps to build locally owned private enterprises and State-Owned Enterprises (SOEs) capable of competing effectively with multinational corporations. He said such efforts are key to reducing the continent’s dependence on external actors and curbing the loss of wealth through IFFs.
“The tackling of this problem can only be done incrementally because of its complexity, but we must start moving,” he said. “African countries must build strong local industries to reduce dependency and curb the theft of resources through IFFs. We cannot continue to rely on others to determine the value and direction of our economies.”
According to the Mbeki Report, Africa loses an estimated US$90 billion annually through illicit financial flows. Eng. Katotobwe emphasised the importance of investing in research, science, and technology, asserting that Africa must rely on its own data and expertise to understand and address the problem effectively.
“We need to be able to own our research and not rely on research which is not ours,” he said. “Engineering- or science-led economic development is the key to unlocking Africa’s potential and ensuring that our resources benefit our people.”
The APNIFFT conference brought together parliamentarians from across the continent to review progress made in combating IFFs and to strengthen cooperation towards transparent and fair taxation systems.
Eng. Katotobwe’s remarks echo a growing continental consensus that stronger political will and home-grown solutions are vital to ending the large-scale theft and capital flight that continue to undermine Africa’s development.
