By Christabel Addo
Accra, July 8, GNA – Parliamentary Public Accounts Committees (PACs) in ECOWAS Member States have been challenged to strengthen their oversight role to curb the misappropriation of public funds, promote prudent financial management and enhance public accountability.
They have also been urged to deepen regional cooperation to tackle the growing threat of money laundering (ML), corruption and other financial crimes that continue to undermine development across West Africa.
Mr Edwin W. Harris Jr., Director General of the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), the specialised anti-money laundering institution of ECOWAS, said PACs must move beyond recommendations to champion reforms that would strengthen public financial management and good governance.
He was speaking at the opening of the Second Regional Seminar on Preventing Financial Crimes and Enhancing Public Finance Management through Parliamentary Public Accounts Committees in ECOWAS Member States, organised by GIABA in Accra.
Mr Harris highlighted the critical role of PACs in safeguarding public resources and promoting accountability across the region.
He noted that although GIABA had made significant progress in strengthening Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) frameworks across Member States over the past four years, much remained to be done.
He attributed persistent gaps in financial integrity within public institutions and the fight against money laundering in West Africa to weak oversight of public funds, which continued to create vulnerabilities exploited by criminal networks.
Financial crimes, he said, were no longer isolated incidents but had become systemic threats to development, contributing to widespread poverty, weak infrastructure and economic stagnation.
Despite Africa’s abundant human and natural resources, the continent remained poor and underdeveloped, with an estimated US$88.6 billion lost annually through corruption and illicit financial flows, a significant portion of which passed through or was facilitated by public procurement systems, he said.
The amount, he noted, represented about 3.7 per cent of Africa’s Gross Domestic Product and deprived governments of resources needed to provide quality healthcare, education, roads and employment opportunities for the youth. The resulting resource gaps, he added, fuelled organised crime, terrorism and violent extremism across the region.
Mr Harris underscored the need to equip PACs with the technical capacity and mandate to serve as the first line of defence against money laundering, terrorist financing (TF), corruption and other illicit financial crimes.
He called on all stakeholders to strengthen collaboration to safeguard public resources and improve governance across the region.
The three-day seminar brought together high-level representatives of Parliamentary PACs, Clerks, Supreme Audit Institutions, Financial Intelligence Units, anti-corruption agencies and governance experts from across ECOWAS to exchange knowledge and explore practical strategies for preventing financial crimes and strengthening public finance management.
The programme is focused on enhancing the role of Parliamentary Public Accounts Committees in combating financial crimes across ECOWAS Member States.
Mr Samuel D. Arkhurst, Coordinating Director (Technical Services) at the Ministry of Finance, who represented the Minister, described illicit financial flows as a major threat to national economies.
He said public procurement remained one of the most vulnerable channels for illicit financial flows in West Africa, citing opaque processes, weak oversight and endemic corruption as conditions that created fertile ground for money laundering.
Mr Arkhurst stressed the need for stronger partnerships among ECOWAS Member States and urged participants to focus on practical strategies that would help rid the region of the menace.
Mr Kwadwo Twum-Boafo, Chief Executive Officer of Ghana’s Financial Intelligence Centre (FIC) and GIABA National Correspondent, described information sharing as a critical tool in combating money laundering, corruption and other financial crimes.
While acknowledging the important work of PACs, he said many legislators required continuous specialised training to effectively interpret audit reports, identify indicators of financial crime and ensure the implementation of recommendations contained in Auditor-General’s reports.
He identified political interference, inadequate technical expertise and limited institutional support as major challenges affecting the performance of PACs.
Mr Twum-Boafo said the fight against illicit financial flows must be proactive rather than reactive, noting that early detection through effective oversight remained one of the most sustainable approaches to tackling financial crime.
He reaffirmed the FIC’s commitment to collaborating with regional and international partners to safeguard public resources and strengthen financial integrity.
In a keynote address, Mr Clarence Gahr, Secretary General of the West African Association of Public Accounts Committees (WAAPAC), commended PACs for promoting prudent financial management and accountability.
He urged governments to provide the committees with adequate training and institutional support to improve financial accountability and ensure value for money in public expenditure.
Mr Gahr also encouraged participants to focus on the practical implementation of anti-money laundering strategies across the region.
Established in 2000, GIABA has played a leading role in coordinating regional initiatives to protect the financial systems of West African countries from abuse by criminal and terrorist networks.
Over the years, it has implemented awareness campaigns, capacity-building programmes, mutual evaluation exercises and policy interventions aimed at improving compliance with international Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards.
The seminar forms part of GIABA’s ongoing efforts to strengthen regional cooperation against money laundering, terrorist financing and related financial crimes, reflecting the shared commitment of GIABA and ECOWAS to safeguard the integrity of financial systems while promoting peace, security and sustainable development.
GNA
Edited by Audrey Dekalu