(3 Minutes Read)
The Economic Community of West African States (ECOWAS) has raised concerns about the increasing effects of corruption and illicit financial flows on Africa’s economy. ECOWAS estimates that the continent loses approximately USD 88.6 billion annually to financial crimes.
Ambassador Abdel-Fatau Musah, the ECOWAS Commissioner for Political Affairs, Peace, and Security, made this announcement during a regional training session in Niger State focused on financial investigations for anti-corruption bodies. He was represented by Ebenezer Asiedu, Head of the Democracy and Good Governance Division.
Musah highlighted that these annual losses represent 3.7 percent of Africa’s Gross Domestic Product (GDP) and warned that financial crimes pose a significant threat to sustainable economic and social development in the region. As the financial industry expands in West Africa, the rise of cryptocurrencies and online financial systems introduces new risks and vulnerabilities for member states. He emphasized the need for anti-corruption institutions to develop specialized skills to effectively tackle these issues.
Musah reiterated ECOWAS’s commitment to supporting democratic governance and the rule of law in West Africa, in line with the Revised ECOWAS Treaty of 1993 and related protocols. He noted that corruption remains a major barrier to institutional stability, investor confidence, and socio-economic progress in the region. He called for increased collaboration among member states and a renewed focus on creating effective mechanisms to detect, prevent, and prosecute financial crimes.
In related news, Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), urged Commonwealth nations to adopt Nigeria’s proactive stance on addressing financial crimes. Speaking at the Commonwealth Law Conference in Malta, he emphasised the need for reform-driven collaboration to combat transnational organized crime.
Olukoyede discussed Nigeria’s experience with the Financial Action Task Force (FATF), noting that it has improved monitoring and compliance, thereby strengthening the financial system against terrorism financing. He called on Commonwealth nations to advocate for more support for sub-Saharan African countries, many of which are on the FATF’s enhanced monitoring list, and to promote balanced global policies that support developing nations while maintaining the integrity of the international financial system.
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Both the ECOWAS Commission and the EFCC have stressed the urgent need to enhance institutional capacity, develop skilled investigators, and implement coordinated regional strategies to combat corruption and illicit financial flows effectively. As Africa’s financial systems evolve, the increasing sophistication of economic crimes presents new challenges that necessitate innovative and unified responses across national and regional platforms.
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