A Tax consultant, Ali Abdallah Nakyea has expressed confidence in the global attempt to address the challenges posed by what is popularly known as tax havens.

Many were recently stunned following the recent Panama expose of top personalities patronizing tax havens to avoid paying taxes in their home countries – a phenomenon deemed a threat to local economies.

Speaking with JOY BUSINESS Mr. Nakyea said although people have a right to invest wherever they want to, they should be compelled to honour their tax obligations locally.

"If you look at the Global Financial Integrity report, Africa as a whole lost $6.6 trillion within a ten year period. This money would have done a lot for Africa," Mr. Nakyea said.

He said, the ACEP report for February 2015, Ghana lost $14.39 billion from the extractive sector alone within a ten year period from2002-2011.

"On the average we are losing $1.44 billion every year from the extractive sector. We have not even looked at all sectors," Mr. Nakyea said.

He added that "to know how what that money can do,  juxtapose that with the $1billion Eurobond loan we go for for IMF support."