Mkpoikana Udoma
Port Harcourt — The Economic Community of West African States, ECOWAS, and the International Monetary Fund, IMF, have signed a strategic Memorandum of Understanding, MoU, aimed at strengthening macroeconomic governance, deepening policy coordination, and accelerating regional integration across West Africa.
The agreement, signed at the ECOWAS Headquarters in Abuja, marks a significant move to enhance economic stability and align fiscal and monetary frameworks within the region.
President of the ECOWAS Commission, Omar Alieu Touray, described the MoU as a critical step toward improving regional economic management.
“The agreement will enhance policy dialogue, deepen coordination on macroeconomic and financial issues, and support capacity development in key areas such as fiscal policy, debt management, and statistics,” Touray said.
He added that the framework would play a central role in advancing long-term regional ambitions.
“Importantly, it will reinforce efforts to strengthen regional surveillance and advance the ECOWAS Monetary Union agenda,” he stated.
Also speaking, Wautabouna Ouattara, Executive Director of the IMF for West Africa, emphasised the deal’s significance in amplifying the region’s influence in global economic discussions.
“The MoU will strengthen the collective voice of ECOWAS countries within the International Monetary Fund and ensure that the priorities of West Africa are better reflected in international discussions,” Ouattara said.
The partnership establishes a structured framework for collaboration between both institutions, with a focus on improving fiscal discipline, enhancing data systems, and fostering sustainable economic growth across member states.
SweetCrude Reports gathered that the agreement could unlock stronger investor confidence and position West Africa as a more coordinated and competitive economic bloc in the global market.
