• Urges African leaders to put houses in order
As stakeholders move towards development of an African and Caribbean (AfriCaribbean) trade agreement, former President Olusegun Obasanjo has called on African leaders to take greater responsibility and end illicit money outflow from the continent to make the integration a reality.
Obasanjo, who spoke at the 31st AFREXIMBANK yearly general meeting in the Bahamas, submitted that the first step to actualising a greater AfriCaribbean trade agreement and global Africa is “putting their houses in order” by accelerating commitment towards eliminating factors impeding development within the region, especially in the area of corruption.
He bemoaned the high level of illicit money outflows from Africa, noting that this has continued to drain the region’s domestic resources, depriving it of critical investment funds.
According to the Economic Development in Africa Report 2020 by the United Nations Conference on Trade and Development (UNCTAD), Africa loses about $88.6 billion, 3.7 per cent of its Gross Domestic Product (GDP), yearly in illicit financial flows.
“Charity begins at home. We have to put our house in order and end this waste and corruption among us. We need to put men and women of character in places they should be. If you put an armed robber to guard your house, you know how secured the house will be and that is what we do,” he advised.
Obasanjo urged stakeholders to ensure that attention is focused on African countries benefiting from their products, as it aligns with the promotion of intra-African trade and economic self-sufficiency.
Minister of Industry, Trade and Investment, Doris Uzoka-Anite, at a panel discussion, called for an inclusive approach that would consider the issues and concerns of various stakeholders involved to make the integration a reality.
She said an active involvement of stakeholders in government, the private sector, international development partners and civil society was needed to accelerate negotiations in that regard, expand trade and achieve global Africa.
Present value of AfriCaribbean trade is approximately $1.5 billion and total export of the Caribbean Community (CARICOM) countries stands at $18.8 billion. Also, Africa’s share only represents 4.4 per cent of the trade, an indication that there is huge opportunity in the integration.
