The Commissioner for Finance, ECOWAS Commission, Abuja, Mrs Halima Ahmed, says the Financial Committee of the Commission, has updated its accounts using the International Accounting Standard.
Mrs Halima stated this while presenting the ECOWAS 2020 Consolidated Annual Report of Community Institutions, before the Joint Committee on Public Accounts, Administration, Finance and Budget, Macroeconomic Policies and Economic Research, Trade, Customs and Free Movement, at the ongoing delocalized meeting of the ECOWAS Parliament Monday, 16 May , 2022 in Lomé, Togo,
Mrs Halima who pointed out some problems confronting the Finance Department of the Commission, particularly the backlog of financial statements that were not prepared, also expressed successes recorded so far, irrespective of the challenges.
“Today I’m proud to report that we have updated our accounts, produced financial statements and got them audited, using the International Accounting Standard. We have also produced consolidated financial statements of all the ECOWAS Institutions. By next Month that is June, we will publish the financial statements in line with the provisions of the ECOWAS financial regulations and with that, the financial situation of the ECOWAS would be regularly available to the citizens, and of course through you also for your appreciation thereby improving public accountability”, she said.
She further stated that, under the current management of ECOWAS, the implementation of the enhanced powers of the Parliament commences with the consideration of the budget of the Community.
“This as you know is a very significant step in the direction of public accountability. The opinions expressed on the budgets by you all will now constitute a core part of the budget approval process by the Council of Ministers and of course giving direction to the implementation of these budgets”, she said.
She further explained that the ECOWAS protocol on Community levy has been revised and replaced with the Community Levy Act, stating that the new Act has made important provisions for the role of the ECOWAS Parliament, in the community levy mobilization.
In the same vein, Mrs. Halima added that the Joint Committee of the Parliament will be examining the specific positions of the supplementary Act of the Parliament on consolidation of the community audit report.