Presentation and discussion on economic and financial situation of member states of ECOWAS, analysis of country performance on the criteria of convergence for the year 2010, prospects for 2011 and recommendations relevant to policy makers, these are the major points in the menu of the meeting of National Coordinating Committees (NCC) on the mechanism of multilateral surveillance in Bamako from 28 April to 6 May 2011.
Participated in this meeting, representatives of the Commissions of ECOWAS and UEMOA, the West African Monetary Agency, the West African Monetary Institute, the African Development Bank and all member states of ECOWAS, except Cape Verde.
Analysis of country situation by participants, shows that the progress achieved in convergence of West African economies, according to the criteria adopted in the framework of the mechanism of multilateral surveillance of ECOWAS have been insufficient.
The majority of countries in the region are facing macroeconomic difficulties. Thus, economic growth in most countries is below 7% considered the minimum to effectively fight against poverty. In addition, it was recorded a rise of inflationary pressures in 2010 compared to the previous year. In terms of public finances, fiscal deficits remain high in 2010, compared with the low tax revenue. Similarly, foreign exchange reserves recorded a decline in 2010, in conjunction with the deterioration of current account observed in most countries.
On completion, participants made several recommendations including the effective implementation of various legal instruments adopted at EU level, in particular the protocol on free movement of persons and property as well as the provisions relating to patterns of trade liberalization. In addition, it was recommended to the States to produce and transmit time expired in the ECOWAS Commission, the reports of macroeconomic convergence. Finally, it was specifically requested the ECOWAS Commission, to continue efforts towards capacity building of CNC and the technical and financial support.
Note that this meeting of the National Coordinating Committees on the Review of multilateral surveillance, funded by the European Union, was preceded by an awareness seminar of the Joint Technical Secretariat of the Monetary Agency of West Africa and the Economic Community of West African States West of the advent of the single currency of ECOWAS in 2020. This seminar has allowed officials from both institutions to make outreach visits to the highest authorities in Mali, among which, the President of the National Assembly, the Minister of Economy and Finance and the Minister in Charge of Integration.