ECOWAS cuts budget by 6% for 2012 fiscal year

The Economic Commission for West African States (ECOWAS) has cut its budget for the 2012 fiscal year by 6% within all its departments over the 2011 figures, Mr. Victor Gbeho, President of the Commission has disclosed.

Mr Gbeho said, the Commission is conscious that the regional institutions have to remain operational which explains the addition of some new programmes for the consideration of the committee in spite of the thawing of the global recession.

He made this know when opening the four-day 10th ECOWAS Meeting of the Administration and Finance Committee (AFC) at the Commission on November 23, 2011 in Abuja.

According to a statement by ECOWAS, in spite of the thawing of the global recession, the President said the “Commission has imposed the prudent principle of a reducing its budget for 2012 by six per cent over the 2011 figures within each department while conscious that the regional institutions have to remain operational, which explains the addition of some new programmes for the consideration of the committee.”

Mr Gbeho explained that the Commission and the Community as a whole, continue to enjoy the support of its international partners, who have not ceased to believe in the region’s ability and the potentials of its Institutions to contribute to improving the level of development of the entire West Africa region and its contribution to the global economy.

Based on this positive appraisal and in order to sustain the level of support, the statement cited the President saying, “Development partners will look to our programmes and how well they are managed to provide them with the vital proof of our commitment to providing leadership and guidance in regional economic development.”

President Gbeho called for vigilance and prudence to shield the region from the adverse effects of the financial crises rocking some developed countries.

He stated that the economic conditions within the developed countries have an impact on the economies of developing countries.

While the economies of ECOWAS Member States have managed to remain stable despite the difficult times, the President insists that budgetary restraints are still needed.

By Ekow Quandzie