Accountability: ECOWAS to publish its Financial Statements in June

By Linus Aleke
The Economic Community of West African States (ECOWAS), said that it has concluded arrangement to publish its Financial Statements, before the end of June, in line with the provisions of ECOWAS Financial Regulations.

ECOWAS Commissioner for Finance, Mrs. Halima Ahmed said this at the official opening of the
Delocalized Meeting of the Joint Committee on Public Acounts | Administration, Finance and Budget | Macroeconomic Policies and Economic Research | Trade, Customs and Free Movement, organized by ECOWAS Parliament in Lome, the Togolese capital.

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Mrs. Ahmed who hinted that the move is aimed at entrenching transparency, accountability and probity, also added that with the publication, the financial situation of ECOWAS will be regularly available to the citizens for their appreciation, thereby improving public accountability.

According to her, “when the current Management assumed duty in March 2018, we inherited a reform process that was driven largely by Finance Department. We also inherited some problems and challenges confronting the department, particularly the backlog of Financial Statements that were not prepared, dating back to four (4) and pending audits. Fast forward today, I am proud to report that we have updated our accounts, produced financial statements and got them audited using the International Public Accounting Standards (IPSAS). We have also produced consolidated Financial Statements of all ECOWAS institutions”.

The Finance Commissioner disclosed that under the incumbent management, the implementation of the enhanced powers of the Parliament commenced with the consideration of the budget of the Community.

This she said is a significant step in the direction of public accountability.

“The opinions expressed on the budget now constitute a core part of the budget approval process by Council of Ministers. Moreover, we have revised the ECOWAS Protocol on Community Levy and replaced it with a Community Levy Act. The new Act has made some provision for the role of the ECOWAS Parliament in Community Levy mobilization. Therefore, little by little, we are seeing the enhancements in the role of Parliament in the community integration process. However, these changes also confer on the Parliamentarians more responsibility. Particularly the responsibility to devote more time and attention to fine details, to establishing a connection between what we do at the regional level and the situation of their constituencies,” she further explained.

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Mrs. Ahmed said it is encouraging that this Joint Committee will be examining the specific provisions of the Supplementary Act of the Parliament on consideration of the Community Audit Reports.

She concluded that, “I, on my part as pioneer Secretary General of the ECOWAS Parliament and presently Commissioner for Finance, will continue to provide the Parliament with the necessary support that it requires”.

The theme of the delocalized meeting is “the modalities of practical implementation of Articles
9 and 11 of the Supplementary Act of Parliament on the review of Community audit reports”.