Q FM Africa's Modern Radio
The Tax Justice Network Africa (TJNA), Oxfam and Center for Trade Policy, and Development (CTPD) have stressed the need for Africa countries to find means of using the extractive sector in tackling the continents domestic resource mobilization challenges.
Giving a statement on behalf of the other two organizations, CTPD Executive Director Isaac Mwaipopo notes that the extractive industry offers several opportunities for domestic resource mobilization and more so if the African countries can tighten loopholes that lead to illicit financial flows and policy misalignments that have led to the failure of the sectors growth.
Mr. Mwaipopo has pointed out that in 2015, Zambia alone accounted for 65 per cent of trade mis-invoicing in copper with the more recently released 2020 United Nations Conference on trade and Development (UNCTAD) on tackling IFFS for sustainable development revealing an increase in the figure showing that Africa is now losing approximately us $88.6 billion annually through IFFS with two thirds of this amount from the extractive sector alone.
He therefore notes that the lost through IFFS could potentially be used to meet the financing gaps for the realization of agenda 2063 goals on nutrition and food security.
Mr. Mwaipopo has since announced that the Tax Justice Network Africa (TJNA), Oxfam, center for Trade Policy, and Development (CTPD) in partnership with Africa Union (au) Economic Social and Cultural Council (ECOSOCC) will be convening a dialogue on ‘leveraging Africa’s extractive sector for nutrition and food security financing’ specifically addressing goals 3 and 20 of agenda 2063 and focus on the role of the extractive sector in tackling Africa’s domestic resource mobilization challenges.