Ato Forson charges PACs in ECOWAS states to tighten measures against money laundering
The Government of Ghana has renewed its call for stronger parliamentary oversight across West Africa as part of a broader strategy to combat corruption, money laundering and illicit financial flows that continue to drain billions of dollars from the region’s economies.
Speaking through the Coordinating Director (Technical) at the Ministry of Finance, Mr. Samuel Arkhurst, the Minister for Finance, Dr. Cassiel Ato Forson, urged Parliamentary Public Accounts Committees (PACs) within the Economic Community of West African States (ECOWAS) to intensify collaboration in safeguarding public resources and promoting financial accountability.
The appeal was made during 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, held in Accra. The three-day programme was organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
The seminar has assembled Chairpersons and members of Parliamentary Public Accounts Committees, clerks, Supreme Audit Institutions, Financial Intelligence Units, anti-corruption agencies and other governance experts from across the ECOWAS region to explore practical strategies for improving financial governance and preventing economic crimes.
In his address, Dr. Forson described financial crime as one of the greatest obstacles to sustainable development and sound public financial management on the African continent. He noted that illicit financial flows continue to deprive governments of much-needed revenue required to invest in infrastructure, education, healthcare and other essential public services.
Quoting estimates from the United Nations Economic Commission for Africa, the Finance Minister observed that Africa loses nearly four per cent of its Gross Domestic Product annually through illicit financial flows, a situation he said significantly weakens governments’ ability to meet their development priorities.
He stressed that recovering and protecting these lost resources would ease fiscal pressures, reduce reliance on borrowing and create additional funding for national development programmes across the continent.
Dr. Forson highlighted the indispensable role of Parliamentary Public Accounts Committees in promoting transparency, accountability and responsible public financial management. According to him, effective legislative oversight remains one of the strongest safeguards against the misuse of public funds.
He challenged participants to ensure that the seminar delivers practical outcomes capable of strengthening governance institutions throughout the ECOWAS region.
“The true success of this seminar will not be measured by the number of presentations delivered, but by the strength of the partnerships established, the reforms implemented and the tangible actions taken when participants return to their respective countries,” the Minister stated.
Dr. Forson further applauded GIABA for its sustained leadership in strengthening financial integrity and combating money laundering across West Africa, reaffirming Ghana’s commitment to supporting regional initiatives aimed at tackling corruption and financial crime.
He officially declared the seminar open, expressing confidence that increased cooperation among ECOWAS member states would strengthen public financial management systems and reinforce accountability across the sub-region.
Director General of GIABA, Mr. Edwin W. Harris Jr., also highlighted significant achievements recorded by the organisation in strengthening anti-money laundering and counter-financing of terrorism frameworks over the past four years.
According to him, GIABA successfully rallied member states and development partners to preserve its recognition as the Financial Action Task Force (FATF)-Style Regional Body for West Africa after the organisation faced the risk of losing that status.
Mr. Harris explained that renewed commitment from member states has considerably strengthened regional cooperation, enabling GIABA to successfully complete the second round of mutual evaluations while commencing the third round of assessments.
He revealed that Ghana has become the first ECOWAS country to undergo the latest round of evaluations, with the final assessment expected to be formally adopted later this year.
The GIABA Director General further announced that nearly all ECOWAS countries previously placed on the Financial Action Task Force grey list have now exited the list, while Côte d’Ivoire is expected to complete its removal by October 2026.
He explained that the regional seminar forms part of GIABA’s broader strategy to equip Parliamentary Public Accounts Committees with the technical expertise and practical tools required to hold public institutions accountable, strengthen financial oversight and improve governance across West Africa.
Mr. Harris expressed optimism that deeper collaboration among parliamentary committees, supreme audit institutions, financial intelligence agencies and anti-corruption bodies would significantly reinforce transparency, improve accountability and enhance the region’s collective fight against financial crimes and illicit financial flows.
