*Highlights Progress, Opportunities, Challenges
In spite of the numerous challenges confronting institutions of the Economic Community of West African States (ECOWAS), the President of the ECOWAS Commission, Dr. Omar Alieu Touray, said they have performed creditably well during the 2023 fiscal year.
President Touray spoke Thursday as he presented the Annual Report on the State of the Community to the ECOWAS Parliament.
Dr. Touray had outlined the key achievements, challenges, and opportunities confronting the ECOWAS region in the year 2023.
The report highlighted the macro-economic situation of the region and the performances of the ECOWAS institutions with regard to their 2023 programmes, regional integration and development agenda.
According to Touray, “despite a difficult international environment and the slowdown in the global economies, most of the ECOWAS Member States have posted impressive economic growth.
“However, continued inflation, deteriorating fiscal balance and mounting public debt have eroded the welfare and standard of living of ECOWAS citizens.
“The ECOWAS Institutions have performed creditably well during the 2023 fiscal year despite numerous challenges.
“Notable achievements include the establishment of the ECOWAS National Biometric Identity Card (ENBIC), the introduction of ECOVISA, a single visa system, and the adoption of a set of 96 ECOWAS Standards (ECOSTANDS).”
President Touray, however, identified geo-political conflicts, the persistence of inflationary pressures, high and rising public debt, and tightening of monetary policies as some of the challenges confronting the community.
In the area of opportunities at the disposal of the sub-regional body, Touray listed implementation of African Continental Free Trade Agreement (AfCFTA), increased investment in infrastructure and development of the digital economy.”
The report therefore recommended strengthening of regional cooperation and integration, promotion of private sector development, investment in human capital as well as enhancement of resilience to shocks as some of the measures to be considered.
