ECOWAS Member States Posted Impressive Economic Growth Despite Numerous Challenges —Touray

By Linda Ike

President of the ECOWAS Commission, Omar Touray said most ECOWAS Member States recorded impressive economic growth during the 2023 fiscal year despite numerous challenges the institutions faced.

Touray stated this during a presentation of the annual report on the state of the ECOWAS community at the 2023 Second Ordinary Session of the ECOWAS Parliament in Abuja, on Thursday.

He noted that the ECOWAS Institutions faced a difficult international environment and the slowdown in the global economies, persistent inflation,rising public debt among other challenges confronting the region.

Presenting the report, Touray outlined macro-economic situation of the region and performance of the ECOWAS member states with regard to their 2023 work programmes and the regional integration and development agenda globally.

He identified the key achievements, opportunities and challenges facing the sub-region in 2023 to include
geopolitical conflict and Tightening of monetary policies in most region that affect the Economic growth in the ECOWAS community and political transitions in the three Member States affected by coup d’état, Mali, Guinea, Burkina Faso, and Niger Republic, terrorism in the Sahel and elections.

He however expressed satisfaction that the region performed credibly well in spite of the challenges.

Touray said, “However, the continued inflation, deteriorating fiscal balance and mounting public debt have continued to erode the welfare and standard of living of the ECOWAS Citizens.

“However, in spite of the numerous challenges faced by the ECOWAS Institutions, they have performed creditably well during the 2023 fiscal year.

“The period under review was characterized by the continuation of geopolitical conflicts, persistent inflationary pressures, and high and rising public debt as well as tightening of monetary policies in most regions.”
Regarding the status of implementation of community work programmes.

“Some notable results have been achieved. On political stability, peace and security, the issues that dominated the attention of the Community during the year were the coup d’etat in some countries.
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“At the level of deepening regional economic integration, significant progress has been made, including the establishment of the ECOWAS National Biometric Identity Card (ENBIC) and the introduction of ECOVISA, a single visa system like that of Schengen.”

The report recommended the strengthening of regional cooperation and integration, Promote private sector development, Invest in human capital among others.