Monrovia, Liberia – In order to help the community overcome its numerous obstacles, the Speaker of the ECOWAS Parliament, Memounatou Ibrahima, has urged member nations to either increase or regularize their financial contributions.
At the delocalized meeting of the Joint Committee on Administration, Budget, Finance, Public Accounts, Macroeconomic Policy, and Economic Research in Abidjan, Ivory Coast, Speaker Ibrahima made the following observations in her opening remarks.
Under the theme “The Role of the ECOWAS Parliament in Community Budget Formulation and Monitoring,” the joint committee is allowing parliamentarians to gain a deeper understanding of the difficulties surrounding the community budget and to make suggestions for enhancing the ECOWAS Parliament’s efficacy and efficiency in its consideration and oversight.
She maintained that the subregion is now dealing with threats and challenges that are preventing the implementation and realization of community initiatives and programs, in order for financing needs to be raised.
ECOWAS Parliament’s Speaker Memounatou Ibrahima
In light of the worldwide effects of inflation and recession, which are sparked by regional security threats and international tensions, member states “need to scale up their efforts to finance the community,” according to Madam Ibrahim.
Also speaking, the Chairman of the Finance and Budget Committee of the ECOWAS Parliament disclosed that the body will intensify its oversight function on the Executive Arm of ECOWAS to ensure that finances are wisely and transparently used in the interest of the people.
The ECOWAS Commission and the Administration and Finance Committee, a statutory body overseen by the ECOWAS Council of Ministers, are two important stakeholders that Chairman Benjamin Kalu emphasized must be engaged in significant ways for this to be accomplished.
The Vice President of the Ivorian National Assembly Diawara Mamadou highlighted the importance of constituents being informed about the Parliament’s role and actions regarding budgetary actions, expressing his pleasure that the Abidjan meeting is addressing an important subject like the budget.
The approval of the community’s budget, according to the Ivorian Minister of Economic Planning and Development, Madam Niali Kaba, marked a significant turning point.
“This budget is essentially the financial translation of our region’s integration and development policy, even though it outlines all the resources and expenditures planned for ECOWAS institutions for the year in a single document.”
Ambassador Olawale Awe, the Director of the ECOWAS National Office in Nigeria and the Chairman of the ECOWAS Administration and Finance Committee (AFC), emphasized the significance of the ECOWAS Parliament, ECOWAS Commission, and the AFC collaborating in order to achieve success.
“To achieve the successful implementation of the community’s policies and programs, it is fundamental that these three entities work with synergy for effective coordination and collaboration.”
