Maritime insecurity costs West Africa over $500 million annually — Vice Admiral Yakubu

Former Chief of Naval Staff Vice Admiral Issah Adam Yakubu has noted that maritime insecurity is costing West Africa and the international community more than $500 million every year.

According to him, the economic burden is driven less by stolen cargo and ransom payments than by the huge costs of counter-piracy operations, higher insurance premiums, private security, naval deployments and other protective measures.

Speaking at the Ghana Armed Forces Command and Staff College's 50th Anniversary Republic Day Lecture, organised in collaboration with the One Ghana Movement on Wednesday, July 1, the former Navy chief said maritime security remains central to national sovereignty and regional stability.

“Piracy off the West African coast is estimated to cost regional economies and the international community over $500 million each year. The criminals extract a few million dollars a year, but the region as a whole bleeds hundreds of millions in trying to guard against them. This is an unsustainable drain on our economies,” he said.

Vice Admiral Yakubu noted that the Gulf of Guinea, despite its vast oil, gas, fisheries and shipping resources, has over the past decade become one of the world's major maritime security hotspots due to piracy, armed robbery, illegal fishing, drug trafficking, human smuggling and other transnational crimes.

He recalled that between 2010 and 2022, the region recorded over 600 reported piracy incidents, with attacks peaking in 2020.

During the same period, he noted that pirates expanded their operations farther offshore while kidnappings of seafarers for ransom became increasingly common.

The former Chief of Naval Staff stressed that maritime insecurity extends beyond economic losses and affect livelihoods, food security and critical infrastructure, including undersea internet cables.

He further noted that the rising threat of violent extremism in the Sahel and maritime crime in the Gulf of Guinea are closely linked, arguing that weak governance, poverty and insecurity create opportunities for both terrorists and maritime criminals.

Vice Admiral Yakubu urged Ghana to fully implement its National Integrated Maritime Strategy, strengthen coordination among maritime security agencies, and invest in surveillance technology to improve maritime domain awareness.