Regional Collaboration Key to Securing West Africa’s Financial Future
Ghana’s Vice President, Prof. Naana Jane Opoku-Agyemang, has urged ECOWAS leaders to intensify their collective fight against money laundering, terrorism financing, and illicit financial flows. She emphasized that unity is essential to ensure both regional security and long-term economic integrity.
Speaking at the opening of the Second Extraordinary GIABA Ministerial Committee meeting in Accra, she called for a resilient and inclusive framework to strengthen cross-border collaboration and development efforts.
Including AES States Signals Shift in Regional Approach
The meeting brought together policymakers and security experts to discuss the region’s financial stability. A major agenda item was whether Burkina Faso, Mali, and Niger—now members of the Alliance of Sahel States (AES)—should be admitted into GIABA as non-ECOWAS participants. This reflects the changing security landscape and the urgent need for broader cooperation.
Vice President Opoku-Agyemang noted that political instability in parts of West Africa has opened the door for renewed conversations on unity and cross-border threats. She urged the committee to engage in constructive dialogue, balancing solidarity with regulatory discipline when considering AES nations.
GIABA’s Progress and Global Integration
The Vice President also commended GIABA for aligning member states with international anti-money laundering standards, which are vital in combating illegal arms trading and maintaining economic transparency.
GIABA’s Director-General, Mr. Edwin W. Harris Jnr., echoed the importance of sharing intelligence across borders. He revealed that Mali is on track to be removed from the FATF grey list by mid-2025, with Nigeria and Burkina Faso showing promise as well.
Harris also highlighted GIABA’s rising profile in global financial networks. Senegal has received an invitation to join FATF as a guest member in 2024, and Nigeria is expected to participate between October 2025 and 2026.
National Leaders Back Stronger Enforcement and Cooperation
Ghana’s Deputy Finance Minister, Mr. Thomas Nyarko Ampem, warned of the damaging effects illicit flows have on governance and public services. He restated Ghana’s commitment to robust policies, transparency, and global collaboration.
Sierra Leone’s Finance Minister, Mr. Sheku Fantamadi Bangura, now chair of the GIABA Ministerial Committee, urged a shift from technical box-checking to measurable outcomes in fighting financial crime. He emphasized the value of unity and lasting partnerships.
Addressing Root Causes of Financial Crime
Ambassador Mohammed Lawan Gana, ECOWAS President’s Special Representative to Ghana, addressed deeper structural issues fueling illicit flows. These include corruption, poor governance, lack of transparency, and eroding ethical standards. He stressed that such challenges threaten the entire ECOWAS integration agenda.
A Defining Moment for Regional Reform
This extraordinary GIABA meeting marks a turning point for West Africa’s financial integrity. As ECOWAS leaders illicit financial flows continue to threaten security and development, cooperation across borders is now more urgent than ever.
For further details, visit the original report on MyJoyOnline.
