ECOWAS countries vow to harmonise fiscal policies

Accra Ghana Skyline AfricaECOWAS countries posted an economic growth rate of 6.4 per cent in 2011. (Image source: Elegant Machines)Political leaders from across the Economic Community of West African States (ECOWAS) have resolved to harmonise budgetary and fiscal policies in order to ensure greater macroeconomic convergence across the region

The heads of state converged in Ivorian capital Yamoussoukro to reiterate their determination to remove barriers to the smooth implementation of the protocol on Free Movement of Persons and Goods.

They also welcomed the 6.4 per cent economic growth rate the region posted in 2011 and said they expected an even higher rate to be posted for 2012.

In a communiqué, the leaders promised to ensure the finalisation of the community’s investment code and implementation of a common industrial policy.

Meanwhile, Liberia’s finance minister, Amara Konneh, called for a concerted effort by member countries in the West African Monetary Zone (WAMZ) to realise their common vision of creating a monetary union in Nigeria, Ghana, Guinea, Sierra Leone and Gambia effective 1 January 2015.

Konneh said that despite the challenges faced by Liberia the government had taken steps to harmonise its policies by placing a special emphasis on trade.

“We are working on new systems for tax administration and management, and are expanding our ability to manage monetary policy and cash flow with treasury bills,” Konneh remarked.

Mike Butscher

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