UBA Ghana's Philip Odoom Elected First Vice President of West African Compliance Forum

Philip Odoom, Head of Compliance and Anti Money Laundering Reporting Officer at UBA Ghana, has been elected First Vice President of the Compliance Officers Forum of GIABA member States (COFGMS), marking a significant achievement for the banking sector in Ghana. The election was held during the 8th Annual General Meeting of the Forum in Saly, Senegal on 2 July 2026.

Odoom's elevation to this regional position reflects growing recognition of Ghana's role in strengthening financial compliance standards across West Africa. His appointment comes as the continent grapples with increasingly sophisticated money laundering schemes and terrorist financing threats that undermine economic stability and security.

Understanding COFGMS and its mission

The Compliance Officers Forum of GIABA member States operates as a non-profit organisation registered in both Lagos, Nigeria and Accra, Ghana, with operational headquarters in Lagos. The Forum brings together compliance professionals from reporting entities across countries that are members of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

The idea for COFGMS emerged in 2015 during a GIABA workshop in Saly focused on assessing money laundering and terrorist financing risks within financial institutions and designated non-financial businesses. The Forum was formally established on 30 November 2018 in Lomé, Togo, following approval of its bye-laws and the election of its first executive council.

Today, the Forum serves as a critical platform for knowledge-sharing and collaborative action on anti-money laundering and combating the financing of terrorism (AML/CFT) measures throughout the West African region.

Why it matters for Ghana

Ghana's financial sector has become increasingly important to regional stability and growth, hosting major banking institutions and serving as a financial hub for West Africa. Odoom's leadership position in COFGMS enhances Ghana's standing in the fight against financial crime and demonstrates the technical expertise available within Ghanaian financial institutions.

The role carries responsibility for coordinating compliance efforts across multiple countries, ensuring that reporting entities implement robust preventive measures against money laundering and terrorist financing. As Ghana continues to strengthen its own AML/CFT framework—critical for maintaining international trust and facilitating legitimate cross-border trade and investment—having a Ghanaian leading regional compliance discussions reinforces the country's commitment to these standards.

Odoom's election also reflects UBA Ghana's broader commitment to compliance and governance. As a major player in Ghana's banking sector, UBA's institutional emphasis on anti-money laundering measures helps set the tone for the industry and demonstrates that Ghana-based financial institutions are equipped to meet international standards.

Regional collaboration on financial crime

GIABA's work encompasses all countries in West Africa, and the Forum's activities directly support the implementation of GIABA's recommendations across the region. By bringing compliance officers together regularly, COFGMS enables the sharing of best practices, discussion of emerging threats, and coordinated responses to cross-border financial crime.

Money laundering and terrorist financing remain significant challenges for developing economies, as criminals exploit weak enforcement, informal financial systems, and regulatory gaps. West African countries, collectively, have worked to improve their compliance frameworks, and regional forums like COFGMS play an essential role in that effort.

UBA Ghana congratulated Odoom on his election and expressed confidence in his leadership during what promises to be a demanding tenure on the regional stage.