Ghana, a committed member of the Economic Community of West African States (ECOWAS), has reiterated its dedication to collaborating with fellow member states in combating the pervasive threats of illicit financial flows, money laundering, and terrorist financing. These criminal activities pose a significant challenge to the region’s stability and hinder its development. The Ghanaian government recognizes the urgency of addressing these issues and has emphasized its commitment to strengthening its financial systems and aligning its regulatory frameworks with international standards for anti-money laundering (AML) and counter-terrorist financing (CTF). This commitment underscores Ghana’s understanding of the detrimental impact of financial crimes on national economies, public trust, and regional security.
The Ministry of Foreign Affairs and Regional Integration conveyed Ghana’s unwavering stance at a two-day seminar organized by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA). Ambassador Mrs. Perpetua O. Dufu, the Coordinating Director of Multilateral and International Organizations at the Ministry, delivered the keynote address on behalf of the sector minister, Samuel Okudzeto Ablakwa. She stressed the importance of regional cooperation in tackling these financial crimes and assured GIABA and the ECOWAS Commission of Ghana’s readiness to work collaboratively towards strengthening regional resilience, bolstering national frameworks, and enhancing shared security.
Ambassador Dufu emphasized the tangible and devastating consequences of money laundering and related financial crimes, highlighting their corrosive effects on public institutions, their distortion of national economies, and their contribution to cross-border insecurity. These criminal activities undermine the rule of law, erode public trust in government and financial institutions, and create an environment conducive to further criminal activity. Furthermore, they divert resources away from legitimate economic activities, hindering development and exacerbating inequalities. By acknowledging the real-world impact of these crimes, Ghana underscores the urgency of effective countermeasures.
The seminar, held in July 2025, gathered ECOWAS Resident Representatives from all member states, reflecting the regional nature of the challenge and the importance of a coordinated response. The event served as a platform for discussing the crucial role of these representatives in advancing GIABA’s mandate, which focuses on preventing and combating money laundering and terrorist financing in West Africa. This collaborative approach recognizes that financial crimes transcend national borders and require collective action to effectively address.
The timing of the seminar was particularly significant as the region prepares for the third round of mutual evaluations, a critical process for assessing the effectiveness of member states’ AML/CTF frameworks. These evaluations provide an opportunity to identify strengths and weaknesses, share best practices, and ensure compliance with international standards. By actively participating in this process, ECOWAS member states demonstrate their commitment to strengthening their respective AML/CTF regimes and contributing to a more secure and stable region.
Ghana’s proactive engagement in regional efforts to combat financial crimes aligns with its commitment to fostering sustainable development and promoting regional security. By strengthening its own financial systems, actively participating in regional initiatives like GIABA, and preparing for mutual evaluations, Ghana demonstrates its dedication to tackling these multifaceted challenges. This commitment reflects the understanding that addressing financial crimes is essential not only for economic prosperity but also for maintaining peace and stability within the ECOWAS region.
