Africa is a continent very rich in natural and financial resources, which has attracted the interests of domestic and foreign investors. However, these resources are not being converted to wealth for Africans as one would expect.
Worried by this development and in a bid to ensure that Africa gets better deals from looted funds and leverage its resources for inclusive and sustainable growth, a forum was held at the sidelines of the 9th Conference of the States Parties to the United Nations Convention against Corruption in Sharm El Sheikh, Egypt.
It was presided over by the Chairman of ICPC, Prof Bolaji Owasanoye; while Ambassador Bankole Adeoye, Commissioner for Political Affairs, Peace & Security, AU Commission delivered the opening statement. Statements were also made by Mr. Issaka Garba Abdou of the Department of Political Affairs, Peace and Security AUC; Madame Seynabou Ndiaye Diakhate, Vice Chairperson, AUBC Advisory; and Ms. Souad Aden- Osman, ED, Coalition for Dialogue on Africa.
He described CAPAR as a critical platform that will help in stemming illicit financial flows from Africa and help in the recovery and return of assets within a contextualised historical, political, economic, and social narrative.
Also speaking during the panel session, Abdou said CAPAR will address the issue of loss of African resources and assets over the centuries, adding that estimates of Africa’s losses to IFFs makes Africa a net creditor to the rest of the world.
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