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. Health fraud raising alarm bellsAfrica’s health sector has been squarely in the firing line of illicit markets. Illustrating the economic threat to Africa, SICPA warns that Europe’s €3 billion olive oil sector loses a stunning €1.5 billion to the counterfeit market annually. Governmental arsenal to fight backTackling rampant illicit trading in Africa’s health, food and energy sectors is thus an urgent priority. As Africa progresses with its health, energy and food transitions, the revenue and economic trust generated by strong traceability and regulatory interventions will help pave the path to a more inclusive and sustainable future.

Source: The North Africa Journal April 19, 2023 17:24 UTC