New research from ActionAid highlights that 93% of the most climate-vulnerable countries in the Global South – including Somalia, Malawi, and Mozambique – are “drowning in debt.” Alarmingly, nearly two-thirds of these nations are drastically slashing public spending to repay loans, hindering progress in funding vital climate resilience and sustainable development efforts. A silent menace is greatly exacerbating this budgetary disaster: the illicit trade, which robs governments of massive amounts of tax revenue every year while undermining medical, environmental and economic health. Robust action to tackle Africa’s thriving counterfeit markets – namely traceability and authentication systems paired with regional regulatory cooperation – thus has a crucial role to play in easing budgetary pressures and unlocking the continent’s potential.
What’s Behind Africa’s illicit Markets?
- AFRICA TOP 10
- 1 min read