The Economic Community of West African States has flagged corruption and financial crimes as critical barriers to economic growth and social progress across the region, emphasizing the urgent need to bolster institutional capacities to confront these threats.
At the opening session of a five-day Regional Certification Training on Financial Investigation for Anti-Corruption Institutions in West Africa, held in Abuja on Monday, ECOWAS Commissioner for Political Affairs, Abdel-Fatau Musah, delivered a strong message on the gravity of the issue.
Represented by Ebenezer Asiedu, Head of the Democracy and Good Governance Division at the Commission, Musah highlighted the severe toll corruption takes on Africa’s development.
“In spite of the progress, democracy in most of our member states faces fragility, particularly due to the menace of corruption. For instance, research indicates that Africa loses a staggering $88.6 billion annually due to corruption and Illicit Financial Flows, which takes up 3.7% of our continent’s GDP,” Musah stated.
He stressed that these losses are not only undermining governance structures but also significantly impeding the region’s advancement.
“Indeed, corruption and financial crime are among the biggest obstacles to economic and social development in West Africa and around the world,” he added.
Musah also raised concerns over the growing influence of digital financial platforms, noting that the increasing use of crypto-currencies and other online systems has introduced new challenges for financial oversight and regulation.
“As the financial industry experiences growth in West Africa, the increasing adoption of crypto-currencies and other emerging forms of online financial systems have introduced new risks and vulnerabilities across member states, underscoring the need for Anti-corruption institutions to develop specialized skills and knowledge to effectively combat these crimes,” he noted.
The training initiative, hosted in partnership with the Network of Anti-Corruption Institutions in West Africa and Nigeria’s Economic and Financial Crimes Commission (EFCC), is designed to equip investigators with modern tools and strategies to respond to evolving financial crime tactics.
“As we work toward realizing the ECOWAS Vision 2050, addressing corruption and Illicit Financial Flows is essential to achieving sustainable development and regional stability,” Musah emphasized.
EFCC Chairman, Ola Olukoyede, who also spoke at the event, reinforced the call for unity among West African states, pointing out that financial crimes transcend borders and require a coordinated regional approach.
“The threats we face are sophisticated, tech-enabled, and deeply embedded within political and economic structures. To effectively confront these challenges, we must share intelligence, harmonize our methods, and speak with one voice,” he said.
The training marks a significant step in regional efforts to combat the complex web of financial corruption undermining progress across West Africa.
