The Economic Community of West African States (ECOWAS) has disclosed that Africa loses a staggering $88.6 billion annually to corruption and illicit financial flows (IFFs).
This amount represents 3.7 per cent of the continent’s Gross Domestic Product (GDP), a figure that highlights the significant economic and social challenges posed by these issues.
The revelation was made by ECOWAS’ Commissioner for Political Affairs, Peace, and Security, Ambassador Abdel-Fatau Musah, during a regional certification training on financial investigation for anti-corruption institutions in Niger state on Monday, April 7.
Represented by Ebenezer Asiedu, the head of the commission’s Democracy and Good Governance Division, Musah explained that corruption and financial crime remain among the most formidable obstacles to the region’s economic and social development.
“As research indicates, 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,” Asiedu stated, underscoring the scale of the problem.
The commissioner further noted that with the increasing growth of the financial sector in West Africa, the rise of cryptocurrencies and other online financial systems has introduced new risks and vulnerabilities.
These developments have made it even more crucial for anti-corruption institutions across ECOWAS Member States to develop specialised skills and knowledge to combat financial crime effectively.
ECOWAS has long been committed to promoting democratic governance and addressing corruption across the region.
Since the advent of democratic governance in West Africa, the commission has tirelessly supported the deepening of democratic practices in line with the ECOWAS Revised Treaty (1993) and other legal instruments, such as the Protocol on Democracy and Good Governance (2001) and the Protocol on the Fight Against Corruption (2001).
While significant progress has been made, Musah acknowledged that many Member States still face challenges, particularly due to the persistence of corruption.
He emphasised that despite improvements, democracy in the region remains fragile, with corruption continuing to undermine governance and development.
Echoing Musah’s sentiments, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, highlighted the transnational and increasingly sophisticated nature of corruption in Africa.
He pointed out that these issues are not confined within national borders, but are deeply embedded within political and economic structures.
“To effectively confront these challenges, we must work together, share intelligence, harmonise our methods, and speak with one voice as a region committed to integrity and justice,” Olukoyede urged, stressing the need for collective action in tackling the growing menace of corruption across the continent.
