ECOWAS Raises Concern
Over Aid Inconsistency
ECOWAS
Trade Ministers have expressed concern over the inconsistency
between the overall volume of aid pledged by the advanced
nations to the region and its actual implementation.
In a communiqué issued by the ECOWAS Commission at the end of a
two-day ECOWAS Aid for Trade Review Meeting in Abuja, Nigeria on
Friday, they noted that inconsistencies in aid pledged and
remittances.
It noted that reported figures from the Organisation for
Economic Co-operation and Development (OECD) showed that `Aid
for Trade flows' to West Africa had been on the upward trend
during the period 2002 to 2007.
’’However, we remained concerned that the growth of overall
volume of aid pledged is not consistent with the actual level of
implementation….It is below the level of commitment by most OECD
countries of 0.7 per cent of their Gross National Products
(GNPs),’’ the statement added.
It reiterated ECOWAS concerns over the impact of the global
economic and financial crisis on the economic growth,
competitiveness, access to international public and private
finance and foreign direct investments on West African
countries.
The statement explained that the recent foreign ‘protectionist
measures and policies’ ran contrary to the principles of the
multilateral rules based-system.
’’In order to mitigate the challenges which the region is
facing, West Africa should be allowed to retain the necessary
policy space to develop appropriate economic recovery and
development strategies,’’ it stated.
Dr Mohamed Ibn Chambas, President of the commission noted hat
the bail-out plans intended to stimulate the economies of the
developed countries posed very severe negative consequences on
the African regional economies.
Chambas listed some of the consequences to include the decline
in prices and demand for African products as well as decline in
equity inflows, foreign direct investment (FDI), remittances
from abroad and Office Development Assistance (ODA) flows to the
region.
The Aid for Trade Initiative (AFT) is about helping developing
countries in particular and the least developed to build trade
capacity and infrastructure they need to benefit from trade
opening.
NAN/Yinka
