Members of Public Accounts Committees (PACs) from across the Economic Community of West African States (ECOWAS) have been urged to strengthen collaboration and adopt practical measures to tackle corruption, illicit financial flows and other financial crimes in the sub-region.
The call was made at a seminar on the theme, “Preventing Financial Crimes and Enhancing Public Finance Management through Parliamentary Public Accounts Committees in ECOWAS Member States,” which brought together about 40 Members of Parliament serving on PACs in the region.
The event, organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), is expected to end with recommendations aimed at strengthening parliamentary oversight, improving public financial management and enhancing regional cooperation in the fight against financial crimes.
In a speech read on his behalf, the Minister of Finance, Dr Cassiel Ato Forson, said Africa continued to lose an estimated $88.6 billion annually to corruption and illicit financial flows, describing the situation as a major setback to the continent’s development.
He said the losses represented resources that could otherwise have been invested in critical sectors such as education, healthcare and infrastructure.
Dr Forson stressed the pivotal role of PACs in promoting accountability and ensuring the prudent management of public resources, and urged participants to focus on practical and implementable solutions.
He said the success of the seminar would be measured not by the number of presentations made, but by the strength of partnerships forged, the quality of recommendations adopted and the reforms implemented in member states after the meeting.
The Chief Executive Officer of the Financial Intelligence Centre (FIC), Mr Kwadwo Twum-Boafo, whose speech was read on his behalf by the Head of Mutual Evaluation and Regional Compliance at the FIC, Mr Seth Nana-Owusu, said effective parliamentary oversight remained central to the fight against financial crime.
He noted that although PACs played a critical role in ensuring accountability, they continued to face challenges such as weak implementation of audit recommendations, limited technical capacity, political interference and inadequate collaboration with financial intelligence units and law enforcement agencies.
Mr Twum-Boafo said strengthening PACs would not only help prevent financial crimes but also improve public financial management through enhanced transparency and accountability.
He added that combating financial crime required intelligence-led and coordinated action among oversight institutions, anti-corruption bodies, civil society organisations and the media.
The Director-General of GIABA, Mr Edwin W. Harris, said corruption, money laundering, terrorism financing and illicit financial flows were interconnected threats that undermined economic development and good governance.
He said Africa’s annual loss of $88.6 billion to such activities represented about 3.7 per cent of the continent’s Gross Domestic Product and deprived citizens of essential public services.
Mr Harris said findings from GIABA’s mutual evaluation exercises had revealed weaknesses in beneficial ownership transparency, procurement systems and other governance structures, creating opportunities for financial crimes.
He emphasised that robust public financial management and effective parliamentary oversight remained the first line of defence against corruption and illicit financial flows.
The Secretary-General of the West African Association of Public Accounts Committees, Mr Clarence Gahr, described PAC members as constitutional guardians of public resources whose work was essential to strengthening democratic governance.
He acknowledged challenges confronting the committees, including audit backlogs, inadequate resources and political interference, but expressed confidence that the seminar would equip participants with practical tools to improve oversight, enhance collaboration with accountability institutions and promote reforms across the ECOWAS region.
BY KINGSLEY ASARE
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