Nairobi, 25 November, 2021 / 11:00 pm (ACI Africa).
Officials of the Jesuit Conference for Africa and Madagascar (JCAM) are calling for an “African renaissance” that would see appropriate financial regulations reinforced and policies put in place to foster investments within the African continent.
The suggestion by JCAM follows the Pandora Papers exposé by the International Consortium of Investigative Journalists (ICIJ) implicating Africa-based politicians, public officials, celebrities and service providers who reportedly use offshore accounts to conceal the value of their wealth.
In a Wednesday, November 24 report, officials of the Jesuit Justice and Ecology Network-Africa (JENA) department of JCAM who express their intention not to accuse those mentioned in the Pandora papers for wrongdoing note that the offshore accounts, valued in billions of dollars, have some negative impacts on African economies, including evading taxes and holding cash that could be used to improve people's lives.
“The Pandora Papers document and others before it call for action from all well-meaning individuals and groups for an African Renaissance, intended to: close loopholes for resource leakage, enforce the appropriate regulations, recover resources and assets lost and ensure that the right atmosphere is established through institution and policy building to promote investments within,” say the officials of JENA.
They explain that African nations need to deliberate on strategies toward improving human and technical capabilities that would see national institutions such as customs services, financial intelligence units and anti-corruption agencies function effectively.