The Economic Community of West African States, ECOWAS, Commissioner for Finance, Halima Ahmed, says the Financial Committee of the Commission, has updated its accounts using the International Accounting Standard, and assured that “by next month that is June, we will publish the financial statements in line with the provisions of the ECOWAS financial regulations”.
She disclosed this while presenting the ECOWAS Commission’s 2020 Consolidated Annual Report of Community Institutions, before the Joint Committee on Public Accounts, Administration, Finance and Budget, Macroeconomic Policies and Economic Research, Trade, Customs and Free Movement, at the ongoing delocalized meeting of the ECOWAS Parliament in Lome, Togo, holding from May 16 – May 20, 2022..
The joint Committee is part of the fourteen Standing Committees of the ECOWAS Parliament.
Ahmed who pointed out some problems confronting the Finance Department of the Commission, particularly the backlog of financial statements that were not prepared, also expressed successes recorded so far, irrespective of the challenges.
“Today I’m proud to report that we have updated its accounts, produced financial statements and got them audited, using the International Accounting Standard.
“We have also produced consolidated financial statements of all the ECOWAS Institutions.
“By next month that is June, we will publish the financial statements in line with the provisions of the ECOWAS financial regulations and with that the financial situation of the ECOWAS would be regularly available to the citizens, and of course through you also for your appreciation thereby improving public accountability”, she said.
She further stated that, under the current management of ECOWAS, the implementation of the enhanced powers of the Parliament commence with the consideration of the budget of the community.
“This as you know is a very significant step in the direction of public accountability. The opinions expressed on the budgets by you all will now constitute a core part of the budget approval process by the Council of Ministers and of course giving direction to the implementation of these budgets”, she said.
She explained that the Commission has revised the ECOWAS protocol on Community levy and replaced it with the Community Levy Act, stating that the new Act has made important provisions for the role of the ECOWAS Parliament, in the community levy mobilization.
little by little we are seeing enhancement in the role of ECOWAS Parliament in the integration and process of our community’ she said.
She added that the Joint Committee would be examining the specific positions of the supplementary Act of the consolidation of the community audit report.
She however, lauded the Speaker of the ECOWAS Parliament, Dr. Sidie Mohammed Tunis, for the support and collaboration between the ECOWAS Parliament and the ECOWAS Commission.
