ECOWAS Calls for Stronger Action Against Corruption, Financial Crimes in West Africa
The Economic Community of West African States (ECOWAS) has identified corruption and financial crimes as major impediments to the region’s economic and social development, urging for enhanced institutional capacity to tackle these growing threats.
Addressing the opening of a five-day Regional Certification Training on Financial Investigation for Anti-Corruption Institutions in West Africa in Abuja on Monday, ECOWAS Commissioner for Political Affairs, Abdel-Fatau Musah, emphasized that despite democratic strides in the region, corruption continues to be a significant challenge to good governance and sustainable development.
Musah, represented by Ebenezer Asiedu, the Commission’s Head of the Democracy and Good Governance Division, referenced a research report revealing that Africa loses a staggering $88.6 billion annually to corruption and illicit financial flows. This loss amounts to 3.7 percent of the continent’s GDP, highlighting the deep financial damage caused by these criminal activities.
“In spite of progress, democracy in most of our member states faces fragility, particularly due to the menace of corruption,” Musah said, stressing that corruption and financial crime are among the greatest barriers to both economic growth and social stability in West Africa.
The rise of digital currencies and other online financial systems, according to Musah, has further complicated the battle against financial crime, creating new vulnerabilities across the region. He highlighted that the expanding use of cryptocurrencies and digital finance introduces fresh risks that anti-corruption institutions must address through specialized training and knowledge.
“As the financial industry grows, the increasing adoption of cryptocurrencies and other digital financial systems introduces new risks and vulnerabilities,” Musah explained, underscoring the urgent need for investigators to be equipped with advanced techniques to counter these evolving threats.
The training initiative, organized by ECOWAS in partnership with the Network of Anti-Corruption Institutions in West Africa and Nigeria’s Economic and Financial Crimes Commission (EFCC), aims to bolster the capacity of financial crime investigators to address more sophisticated financial offenses.
Musah emphasized that addressing corruption and illicit financial flows is crucial to achieving the goals outlined in the ECOWAS Vision 2050, which seeks to ensure sustainable development and regional stability.
In his remarks, EFCC Chairman, Ola Olukoyede, echoed the sentiment, noting the transnational nature of financial crimes such as money laundering and terrorism financing. He called for greater regional cooperation in the fight against these crimes.
“The threats we face are sophisticated, tech-enabled, and deeply embedded within political and economic structures,” Olukoyede said, stressing the need for intelligence sharing, harmonized methods, and a unified regional response to combat these complex challenges.
With corruption and financial crime threatening the economic and social fabric of West Africa, ECOWAS remains committed to supporting regional anti-corruption institutions and strengthening collaborative efforts to safeguard the region’s development and stability.
