The Executive Director of Integrity Watch, Harold Aidoo has disclosed that Liberia on an annual basis loses US$966 million due to illicit financial flows according to global financial integrity report.
Aidoo made the statement Tuesday, April 30, 2024 during a day-long training organized for several civil society organizations on illicit financial flows (IFFs), taxation and scaling up tax justice (SCUT-3).
He said Liberians should acknowledge the staggering reality of their nation state’s economy where their national budget is still struggling to reach 800 million.
He indicated that the figure is not merely a statistics but rather “It represents the lifeblood of the nation siphoned away by companies operating in the country, robbing their people of vital resources desperately needed for education, healthcare, infrastructure, and economic development.”
The Integrity Watch Boss pointed out that illicit financial flows strike at the very core of economic justice and national sovereignty.
“Today, we gather not just as individuals, but as stewards of our collective future tasked with confronting a grave injustice that has plagued our nation for far too long,” he lamented.
He observed that one particularly egregious aspect of the financial crisis, is the flagrant disregard for corporate responsibility within Liberia’s extractive sector.
“For over 15 years, companies operating within our borders have shamefully evaded their duty to contribute fairly to our nation’s coffers by failing to pay corporate income tax. This betrayal not only undermines our fiscal stability but also perpetuates a cycle of poverty and inequality that shackles our people,” according to Aidoo.
He wants CSOs to demand transparency, accountability, and fairness from multinational corporations profiting from Liberia’s natural resources.
“But let us not forget that the fight against illicit financial flows is not merely a battle waged in the halls of power. It is a grassroots movement fueled by the passion and resilience of ordinary citizens determined to reclaim what is rightfully theirs. Together, we must hold our leaders accountable, advocate for systemic reforms, and build a future where justice and equity reign supreme,” he said.
