A four-day high-level seminar organized by the African Development Bank Group and the Government of Sierra Leone concluded with concrete recommendations to tackle the estimated $90 billion Africa loses annually to illicit financial flows. The event focused on strengthening natural resource governance across the continent.
Held at The Place Resort in Tokeh, the seminar brought together over 70 stakeholders from government, civil society, the private sector, and international organizations. Under the theme “Harnessing Africa’s Wealth: Curbing Illicit Financial Flows for Resilient Growth and Development,” discussions highlighted the urgency of addressing illicit financial flows as a critical economic issue for Africa.
Key policy recommendations emerged from the seminar, including the creation of national communities of practice, the implementation of institutional reforms, and improved transparency in resource-backed lending (RBL). Participants emphasized that RBLs should only be used as a last resort and must be fully transparent, directed toward investments that enhance repayment capacity. Workshop sessions also focused on identifying illicit flows, managing RBLs responsibly, and improving governance frameworks.
Insights from the Sierra Leone Country Diagnostic Report were shared, analyzing the illegal trade in natural resources and existing institutional challenges. Bernd Schlenter of Rand Sandton Consulting Group contributed technical expertise on financial flow patterns and effective policy interventions.
This initiative is part of the GONAT Project, supported by the African Development Bank’s Transitional Support Facility. It operates through three main pillars: policy analysis and diagnostics, capacity building, and high-level policy dialogue. The project aligns with the Bank’s Ten-Year Strategy (2024–2033) and its Natural Resources Management and Investment Action Plan (2025–2029).
The seminar concluded with a draft communique set for national adoption. Participants committed to translating the policy recommendations into tangible reforms to promote transparent and equitable natural resource governance across Africa.
