Authority Charges ECOWAS Members to Maintain Credible Monetary Policies, Control Inflation

Authority Charges ECOWAS Members to Maintain Credible Monetary Policies, Control Inflation

JOEL OLADELE, Abuja 

The Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS), has called on member states to adopt credible monetary policies as a crucial measure to control inflation and enhance economic performance.

This topped the agenda during the Sixty-seventh Ordinary Session of the Authority, held in Abuja on Sunday.

The directive comes amid encouraging economic prospects within the region, highlighting the need for strategic actions to ensure sustainable growth.

According to a communique signed by the Authority after the Session, the leaders emphasized the importance of domestic resource mobilization and efficient public spending to limit budget deficits and reduce reliance on debt.

“Member States must intensify efforts to mobilize domestic resources and improve public spending efficiency,” the communique stated.

It further urged nations to encourage private sector development through structural reforms and investments in human capital and infrastructure.

In addition to monetary policies, the Authority discussed the need for deeper regional integration and economic policy coordination to strengthen resilience against external shocks.

“We must promote inclusive and sustainable growth through collaborative efforts,” the communique added.

The session also addressed the ongoing monetary integration efforts within ECOWAS, urging member states to develop and submit their Macroeconomic Multi-Year Convergence Programs (MCPs) for the 2026-2030 period by October 31, 2025.

The Authority directed the ECOWAS Commission to provide updates on these developments at its ordinary session in December 2025.

On the topic of free movement of persons and goods, the Authority commended the Chairperson of the ECOWAS Trade Liberalisation Scheme Task Force for advocacy efforts but expressed concern over persistent tariff and non-tariff barriers. “We call for the total elimination of these barriers along the Community’s road corridors to improve the free movement of goods,” it stated.

The Authority also highlighted the need for the full operationalization of the Interconnected System for the Management of Goods in Transit (SIGMAT) across the region, instructing the Commission to support member states in this implementation.

In addressing energy challenges, the Authority expressed concern over the financial difficulties faced by the West African Power Pool (WAPP) due to non-payment of contributions by member power utilities.

“We urge the Ministers in charge of Energy to ensure that Power Utility Members in their respective countries pay their arrears to WAPP urgently,” the leaders noted.

The session also touched on the withdrawal of Burkina Faso, Mali, and Niger from ECOWAS, endorsing the appointment of a Chief Negotiator to lead discussions for an orderly exit while safeguarding institutional and citizen interests.

“The Chief Negotiator will work in line with the ECOWAS Negotiation Mandate, supported by a Ministerial Troika and a technical team,” the communique stated.

In terms of security, the Authority condemned recent terrorist attacks in the region and reaffirmed its commitment to eradicating the terrorist threat.

It commended the efforts of member states in tackling insecurity and expressed condolences to the families of victims. The Authority also directed the President of the Commission to convene a meeting on effective cooperation in the fight against terrorism.

The session concluded with the election of H.E. Julius Maada Bio, President of Sierra Leone, as the new Chairperson of the Authority for a one-year term.

The next Ordinary Session of the ECOWAS Authority of Heads of State and Government will be scheduled at a later date, in line with the established calendar of meetings.