By Ebi Kesiena
The Economic Community of West African States (ECOWAS) has revealed that Africa suffers an annual loss of $88.6 billion due to corruption and illicit financial flows (IFFs), representing 3.7% of the continent’s Gross Domestic Product (GDP).
This alarming statistic was disclosed on Monday in Niger State 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. He was represented by the Head of the Democracy and Good Governance Division, Ebenezer Asiedu.
Asiedu described corruption and financial crime as major impediments to economic and social progress in West Africa. He emphasised that the rise of digital financial platforms and cryptocurrencies has introduced new vulnerabilities, requiring anti-corruption agencies across the region to strengthen their technical capacity.
“As the financial industry grows in West Africa, the increasing use of cryptocurrencies and other online financial systems presents new risks,” he said. “This underscores the urgent need for specialised training and cross-border cooperation to effectively combat these crimes.”
He also noted that ECOWAS remains committed to supporting democratic governance in the region, in line with its Revised Treaty (1993) and relevant protocols on democracy and the fight against corruption adopted in 2001.
Meanwhile, the Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, also addressed participants, stressing that corruption in Africa is now sophisticated, transnational and tech-enabled. He called for greater regional collaboration, intelligence sharing and unified strategies to tackle these threats.
