Hon Speaker, billions of dollars leave Africa illegally. Former President Thabo Mbeki and the panel which he chairs need to be fully supported through an active government campaign to stop the illegal export of $50 billion or more out of Africa each year. He asked that all stakeholders should support this initiative and his appointment at the level of the United Nations Economic Commission for Africa.
These illicit financial flows out of Africa are detrimental to the continent, because they undermine investment in Africa. To place what has being lost to Africa in context, it is important to note that $25 billion comes into Africa as financial assistance from outside. The continent is therefore losing twice the capital it is receiving as financial assistance.
Our government must actively support the UN panel in its year-long work, as it begins its study of the flow of money out of Africa, and attempts to analyse the mechanisms that are employed by those who move the money.
Former President Mbeki has urged that this be regarded as a matter of vital importance to the continent as the results will enable governments on the continent to implement practical actions to encourage investments in Africa and for Africa's development.
Cope congratulates former President Mbeki on his appointment and wishes him success with his current responsibilities. Thank you. [Applause.]