Economic Community of West African States (ECOWAS) and West African Institute for Financial and Economic Management (WAIFEM) Strengthen Partnership to Foster Economic Resilience and Sustainable Growth
The Economic Community of West African States (ECOWAS) Commission and the West African Institute for Financial and Economic Management (WAIFEM) have reaffirmed their commitment to deepening collaboration aimed at promoting economic resilience, enhancing financial governance, and driving sustainable growth across the West African region.
A high-level delegation from WAIFEM, led by the Director General, Dr. Baba Yusuf Musa, paid a courtesy visit to the ECOWAS Commission and was warmly received by the President of ECOWAS, His Excellency Dr. Omar Alieu Touray. The meeting underscored the shared vision of both institutions to foster a more prosperous and integrated West Africa.
During their discussions, the leaders emphasized the importance of amplifying collective efforts to strengthen financial governance and build economic resilience in the face of global and regional challenges. Both organizations pledged to work closely on capacity building, policy harmonization, and knowledge sharing to support the sustainable development agenda of the region.
'We recognize the vital role of collaboration in achieving our shared goals for West Africa's economic stability and growth,' said Dr. Touray. 'Our partnership with WAIFEM will enhance our ability to address financial and economic challenges and pave the way for a more integrated and prosperous region.'
Dr. Touray also reaffirmed that the 2027 launch date for ECOWAS's single currency, the 'ECO,' remains sacrosanct. He emphasized that not all member states need to meet the convergence criteria before the launch, drawing parallels with the European Union's approach to the Euro. 'Let's move ahead, and others will meet up,' he stated.
Dr. Musa echoed this sentiment, highlighting WAIFEM's commitment to providing training, technical assistance, and research to strengthen economic management and financial governance. 'By working hand-in-hand with ECOWAS, we can harness our collective expertise to drive impactful initiatives that benefit the entire region,' he said.
Dr. Musa announced WAIFEM's plan to propose an MoU with ECOWAS to formalize their collaboration and strengthen the human and institutional capacities of member states. Key areas of focus include governance, fiscal policy, debt management, regional integration, financial sector stability, and macroeconomic management. WAIFEM has already played a vital role in regional economic initiatives, notably developing the ECOMAC database for monitoring macroeconomic convergence.
WAIFEM has played a pivotal role in supporting regional economic initiatives in collaboration with ECOWAS, notably in developing the multilateral Surveillance Database (ECOMAC), a crucial tool for monitoring macroeconomic convergence in the region.
The pursuit of the ECO currency represents a transformative initiative poised to redefine the economic landscape of West Africa. Its successful adoption requires strong macroeconomic convergence, robust monetary policy frameworks, and institutional preparedness. WAIFEM stands ready to support ECOWAS through specialized training and technical assistance for policymakers.
This renewed partnership marks a significant step toward aligning efforts to foster sustainable economic development and integration across West Africa. ECOWAS and WAIFEM remain dedicated to building a robust and resilient economic framework that supports the aspirations of the region's people.
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