Every year Africa loses USD 50 billion each year through illicit financial activities of multinational companies and rich individuals. The multiplier effect of these losses from Africa mean loss of job s, income, decent education and basic infrastructure.
According to the African Union / Economic Commission for Africa’s High Level Panel on Illicit Financial Flows (IFFs), the continent lost approx. USD 1 trillion between 1980- 2008. The Panel which is chaired by Thabo Mbeki reports that the
major perpetrators are multinational companies operating in Africa’s extractive sector- oil, gas and minerals. These
activities pose a major threat to sustainable development and security across the continent.
The main aim of the Stop the Bleeding campaign, therefore, is to drive one Africa-wide movement against IFFs that is led
and driven by African civil society organisations with support from other partners and stakeholders from across the globe.
Dubbed “STOP THE BLEEDING” the launch took place on June 25, 2015 in Nairobi, Kenya. The main goal of the campaign is to stop IFFs from Africa. The aim of the launch is to implement one Africa Campaign on IFFs that is led and driven by African civil society organisations with support from other partners including international non-governmental organisations (INGOs).
As a follow up to the public launch of the Campaign in June, a side event was held on the sidelines of the upcoming 3rd Financing for Development Conference (FfD3) in July 2015 in Addis Ababa, Ethiopia. The meeting introduced the Africa IFF campaign to the world and re-emphasised the importance of taking forward the recommendations contained in the “Mbeki HLP report”, and highlighted some of the joint plans that CSOs and other African institutions such as the African Union and UNECA have been undertaking to push for the implementation of the “Mbeki HLP report”. The side event targeted African delegations, CSOs, African institutions and agencies present at the FfD3 conference. The side event featured a panel session comprised of representatives from the African Union Commission, Africa Group delegation, Economic Commission and civil society.
So far, we have been able to carry out several launches across the world through our various partners. In 2016, we plan to take the Stop the Bleeding campaign to the grassroots level by taking a national approach.