African states loss of resources due to poor legislation and governance hinders development on the continent.
This is according to Professor Kevin Urama, the Chief Economist and Vice President of economic governance and knowledge management at the African Development Bank.
He was speaking ahead of the Africa Economic Conference in Gaborone, Botswana.
The two-day event is a collaboration between the bank, the United Nations UN Economic Commission for Africa and the UN Development Programme.
Urama says sound economic governance is essential for the development of African nations "There is no alternative to sound economic governance like we are seeing in Botswana and in some of the African countries that are moving up in terms of their GDP per capita and addressing poverty and other issues because Africa as a continent continues to lose huge amounts of resources on illicit financial flows, in tax mis-invoicing, in profit shifting in global markets and so on because of poor legislation and governance across several African countries."
