The Economic Community of West Africa States (ECOWAS) has expressed optimism that by June 2022 all Financial Statements will be published as stipulated in the provisions of ECOWAS Financial Regulations.
ECOWAS Commissioner for Finance Halima Ahmed disclosed at the ECOWAS Parliament Delocalized Meeting of the Joint Committee on Public Accounts, Administration, Finance and Budget, Macroeconomic Policies and Economic Research, Trade, Customs, and Free Movement, in Lome, Togo.
She said the essence is to regularly update the citizens on the financial situation of ECOWAS to enhance accountability and good governance in the region.
The fifth legislature of the ECOWAS Parliament’s Delocalized meeting opens up in Lome the capital of Togo.
The theme of the conference is “The modalities for practical Implementation of Article 9 and 11 of the Supplementary Act of the Parliament in respect of the consideration of the community audit reports.”
This is to enable the community to counter challenges arising from financial statements in all ECOWAS institutions.
Speaking at a presentation of the ECOWAS commission’s 2020 consolidated annual report of the community institutions, the ECOWAS Commissioner for Finance Halima Ahmed noted despite inherited challenges, they were able to update the community’s accounts, produced financial statements, and got them audited with the use of the International Public Accounting Standards, adding that most of all successes recorded were also the production of a consolidated Financial Statements of all ECOWAS institutions.
“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 to 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. With that, the financial situation of ECOWAS will be regularly available to the citizens for their appreciation, thereby improving public accountability.”
On his part, the Co-chair of the Joint Committee, Hon Youssoufou Bida stresses that the meeting is aimed at Enhancing the Powers of the ECOWAS Parliament while taking ownership of the practical implementation of the Articles 9. 1c and 11. 1 of the Supplementary Act.
According to him, this will boost the ECOWAS institution’s credibility which is the cardinal point of a good government required by all institutions.
“Therefore, as representatives of the people of West Afr
ica, we must champion the promotion and practice of transparency and accountability. The audit is an instrument, a tool of financial control, which is employed by the public or private sector or an individual to safeguard itself against fraud, extravagance and more importantly to bring credibility to the audited.”
They are the fourteen standing committees created by the ECOWAS parliament to ensure proper auditing of annual reports in the region.
