The Economic Community of West African States (ECOWAS) has revealed that Africa loses a staggering $88.6 billion annually to corruption and illicit financial flows, amounting to 3.7% of the continent’s Gross Domestic Product (GDP).
This was disclosed on Monday by the ECOWAS Commissioner for Political Affairs, Peace, and Security, Abdel-Fatau Musah, during the opening session of a five-day *Regional Certification Training on Financial Investigation for Anti-Corruption Institutions* in West Africa, held in Abuja. Musah was represented by the Head of the Democracy and Good Governance Division, Ebenezer Asiedu.
Musah emphasized that while many member states have made notable progress in democratic governance, corruption remains a major threat to both political stability and economic development in the region.
“In spite of the progress, democracy in most of our member states remains fragile, largely due to the persistent menace of corruption,” Musah stated. “Research shows Africa loses a staggering $88.6 billion each year to corruption and illicit financial flows — a figure that represents 3.7% of the continent’s GDP.”
He described corruption and financial crimes as major obstacles to sustainable development in West Africa, calling for urgent and coordinated action.
“With the rapid growth of the financial sector across West Africa — particularly the rise of cryptocurrencies and digital financial platforms — new risks and vulnerabilities are emerging,” Musah warned. “This highlights the critical need for anti-corruption agencies to build specialized capacities to counter these evolving threats.”
He further stressed that combating corruption is essential to achieving the ECOWAS Vision 2050, which aims to ensure regional stability and inclusive, sustainable development.
“As we move toward realizing the ECOWAS Vision 2050, addressing corruption and illicit financial flows must remain a top priority for the region,” he added.
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