Janet Samuel, Abuja
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The President of the Economic Community of West African States (ECOWAS) Commission, Dr. Omar Touray, has said that despite the numerous challenges confronted with in 2023, ECOWAS institutions have performed credibly well
Dr. Touray who stated this while presenting the Annual Report on the State of the Community to the ECOWAS Parliament on Thursday in Abuja outlined the key achievements, challenges, and opportunities facing the ECOWAS region in 2023.
The report highlighted the macro-economic situation of the region and performance of the ECOWAS Institutions with regard to their 2023 work programmes and the regional integration and development agenda globally.
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).”
He however identified Geopolitical conflicts, Persistence of inflationary pressures, High and rising public debt, Tightening of monetary policies as some of the challenges confronting the community.
In the area of opportunities at the disposal of subregional body, Touray listed the “Implementation of the African Continental Free Trade Agreement (AfCFTA), Increased investment in infrastructure, Development of the digital economy.”
The report recommended the strengthening of regional cooperation and integration, Promote private sector development, Invest in human capital, Enhance resilience to shocks.
