ECOWAS finalising common external tariff

The Economic Community of West African States (ECOWAS) says it is finalising the common external tariff that will lead to the establishment of a customs union.

This is aimed at the realisation of financial and monetary integration of member-states.

“Progress has been achieved in this regard with the effective take-off of the ECOWAS Multilateral Surveillance Mechanism and the adoption of the roadmap for the introduction of an ECOWAS single currency -- the Eco -- by 2020.”

Vice President of the ECOWAS Commission, Jean De Dieu Somda, made this statement in Accra at the opening of a three-day joint retreat of Commission officials and ambassadors of member-states aimed at reviewing the status of the region’s monetary cooperation, with 2020 as the target year for the introduction of the ECO.

The meeting among other issues will also discuss the status of the ongoing negotiation of the Economic Partnership Agreement (EPA) between the region and the European Union, as well as impediments to smooth implementation of the ECOWAS flagship protocol on free movement of persons, goods and services.

Mr. Somda said: “The driving and underlying force of ECOWAS Vision 2020 and strategy is our collective determination to ensure that the community citizen owns the integration agenda.

“Achieving this goal requires our collective effort not only to make the ECOWAS brand, programmes and initiatives visible in the membe-states and beneficial to the citizens, but also -- and more importantly -- convince and empower the citizens to be owners.

“This aspiration can only be realised if the institutional arrangements underpinning this transformation are structured and empowered to act according to purpose.”

He explained that ECOWAS has been scaling-up its instruments and institutional arrangements to anticipate and confront challenges to peace and security in the region, particularly with regard to conflicts and political governance.

He mentioned that the Commission undertook measures towards updating the master-plan for production and transmission of electrical energy in the ECOWAS region; access to energy service for rural and peri-urban populations; and promotion of clean energy in addition to other activities relating to the coordination and monitoring of regional energy projects.

“The Commission has also facilitated the establishment of an ECOWAS centre for the promotion of renewable energy,” he said.

Minister for Foreign Affairs and Regional Integration, Muhammad Mumuni, explained that the purpose of the Commission is to deepen regional cooperation, forge an integrated market and transform the potentialities of human and material resources for the prosperity, well-being and security of community citizens.

He observed that despite the persisting shocks to the global financial system, the economies of West Africa continue to demonstrate remarkable resilience due to a combination of prudent macro-economic policies and strong demand for the region’s resources.

“The region in 2010 achieved an estimated growth rate of 6.2 percent. Continuing efforts by member-states aimed at scaling-up investment in the social sector, formulating economic policies within the framework of a regional development programme, and diversifying the export base of their economies will ensure sustainability and mitigate the impact of future shocks.

“Ghana, with a projected growth rate of 12 percent this year, epitomises this new dynamism and optimism, and has become a model in the region,” he remarked.