The Economic Community of West African States has revealed that Africa loses about $88.6 billion every year to corruption and illicit financial flows.
This shocking figure was shared on Monday during a regional training programme on financial investigation for anti-corruption agencies in the ECOWAS region. The event was held in Niger State.
Speaking at the programme, the ECOWAS Commissioner for Political Affairs, Peace, and Security, Ambassador Abdel-Fatau Musah, said the loss equals 3.7 percent of Africa’s total income. He was represented by the Head of Democracy and Good Governance Division, Ebenezer Asiedu.
“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,” Asiedu said.
He added that corruption and financial crimes are some of the biggest problems slowing down economic and social development in West Africa and beyond.
Asiedu also warned that the rise of cryptocurrency and other online financial systems has brought new risks. He said anti-corruption agencies in the region need to upgrade their skills and knowledge to tackle these modern challenges.
“As the financial industry grows in West Africa, the increasing use of crypto-currencies and online financial platforms has introduced new dangers. These require our anti-corruption agencies to be well trained and prepared,” he said.
He also explained that ECOWAS has been working hard to promote democracy and good governance across member countries. These efforts are based on the ECOWAS Treaty (1993), the Protocol on Democracy and Good Governance (2001), and the Protocol on the Fight Against Corruption (2001).
“To a greater extent, these efforts have brought some progress in building democracy in the region. But corruption continues to be a major threat to democracy in many of our member states,” he added.
Also speaking at the event, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, said the fight against corruption in Africa must be united because the threat is widespread, highly advanced, and supported by both political and economic powers.
“The corruption threats we face are not limited to our countries. They are complex, tech-driven, and deeply rooted in our systems,” he said.
“To effectively confront these challenges, we must work together, share intelligence, harmonise our methods, and speak in one voice as a region committed to integrity and justice.”
