The West African regional bloc ECOWAS says restructuring of its financing strategies is imminent due to paucity of funds.
ECOWAS Vice President, Damtien Tchintchibidja said this at the 35th ordinary meeting of ECOWAS administration and finance committee at the commission’s headquarters in Abuja.
The bloc’s Finance ministers gathered in Abuja to chart a course for what the new financial system will be, since the adoption for a change was made in 2018.
The pullout of Burkina Faso, Mali and Niger Republic have further impacted the bloc’s revenue sources.
The new chair of the Finance committee Olawale Awe also noted that the meeting would also push for the review of the Bloc’s Community Levy payment protocols.
The finance meeting is seeking to resolve the complications relating to trade, data and revenue management to protect the bloc from any potential economic meltdown resulting from hampered relation with the exiting states.
Implementing the decisions is what the bloc’s commission will need to adhere to, in a cash crunch situation facing many economies within the region.
(Editor: Ebuwa Omo-Osagie)
