A Reflection on the necessity of monitoring BURKINA Faso

Thanks to linkedin.com, I was compelled to put my thinking cap on (which I often like to leave off...): a  Ghanaian "friend" asked me a dicey, juicy question about Burkina Faso politics (the President there (Compaoré) has been in power since 1987) and the possibility of the President there tweaking the constitution to remain in power. 

A simple question brought about ramifications never thought possible: here's the case that ECOWAS Commission President is from Burkina; he is eyeing the Presidency himself in 2016. 

Small problem is that incumbent will step down in 2015 (in theory!) at a time when current ECOWAS President has to show his mettle that he presided over celebrations of ECOWAS' 40 years. So what does he do: try his luck at the Presidency of Burkina Faso -- or stay at ECOWAS and make an impact? Either way, Burkina is a country to watch in the sub-region in the next couple of years!

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AFISMA: ECOWAS to Reimburse Nigeria, Others

from: http://www.thisdaylive.com/articles/afisma-ecowas-to-reimburse-nigeria-others/155199/

AFISMA: ECOWAS to Reimburse Nigeria, Others

02 Aug 2013

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Ambassador Kadre Desire Ouédraogo

Damilola Oyedele in Abuja


Nigeria, alongside Ghana, Benin Republic, Guinea, Liberia, Senegal, Togo and Chad are to receive refund on expenses incurred in the deployment of troops and other spending in the first 90 days of their stay in Mali.

The plans to make the refund was unfolded on thursday by the President of the Economic Community of West African States (ECOWAS),  Ambassador Kadre Desire Ouédraogo, at a ceremony for the signing of a memorandum of understanding (MoU) with the Troop and Police Contributing Countries to the African–led International Support in Mali (AFISMA) in Abuja.
The MoU is to facilitate repayment to the contributing countries who took responsibility for the initial expenses on their troops.
He did not disclose how much would be refunded to each country, but Nigeria spent over $45 million in its bid to assist the restoration of peace, stability and democracy in Mali.

"The intervention in Mali was a success and since United Nations has taken charge of the troops, it is better for the commission to refund our members that sponsored their troops personally without delay," Ouédraogo said.
He also lauded the efforts of France, the European Union, and Chad Republic for their sacrifices and contributing to the Mali peacekeeping mission, adding that the commission did not receive any complaint on human rights violations while the military expedition lasted.
On the recent elections in Mali, Ouédraogo said 250 ECOWAS observers were deployed and they adjudged the elections to be free and fair.
He expressed optimism that the new government would be able to build on the peace efforts of the troops.

Minister of State for Defence, Mrs. Olusola Obada, reiterated the commitment of Nigeria to peace and stability in the sub region and around the world.

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from: http://businessdayonline.com/?p=540

NAICOM tasks West African insurers on cross-border integration

August 1, 2013 | Filed under: Insurance | Posted by: Chiedu Moks

Insurance industry regulator, the National Insurance Commission (NAICOM) has tasked the insurance industry in the West African Sub-region to step up efforts on cross-border integration that would enable exchange of information and data necessary to deepen market penetration.

This development, the Commission stated would ensure that insurance firms engender trust and acceptance in the sub-region through enforcement of rules and regulations.

Fola Daniel, commissioner for Insurance made the disclosure at the Inaugural Meeting for the Integration of the Insurance Sector in the West African Insurance Companies Association Member States(WAICA) and Guinea going on at the ECOWAS Secretariat, Abuja

Daniel who was concerned that banking and capital market sectors had successfully established their integration Councils with the West African Monetary Zone (WAMZ), noted that the insurance sector must step up its efforts as the industry regulators were poised to achieve this as quickly as possible.

"The insurance sector has remained a 3rd-level player in the financial services sector of West African States. While the other components of the financial services sector in the sub-region have all moved on and firmed up processes for their integration, it is regrettable that same cannot be said about the insurance sector.

By: Modestus Anaesoronye

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EXPERTS REVIEW ROADMAP FOR ECOWAS SINGLE CURRENCY

from:http://news.ecowas.int/presseshow.php?nb=229&lang=en&annee=2013

Regional experts have ended a two-day meeting in Accra for the review of the 
revised roadmap for the ECOWAS single currency, which involves the creation of a 
second currency by six Member States of the second monetary zone by 2015.

The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone constitute the six 
countries of the zone that agreed to create a second currency, Eco, to be used 
during a transition period along with the CFA franc prior to the creation of a 
single currency by 
2020.

The meeting of the inter-institutional technical sub-committee on the roadmap 
for the ECOWAS single currency programme is intended to review the 34 activities 
included in the programme for the single currency.

"The meeting is to review the roadmap and examine the status of implementation 
of these activities vis-à-vis the timelines indicated for their implementation," 
the Acting Director, ECOWAS Multilateral Surveillance Directorate, Dr. Nelson 
Magbagbeola said at the opening of the meeting on Monday, 29th July 2013.

The experts, drawn mostly from the ECOWAS Commission, Central Banks of West 
African States, BCEAO, West African Monetary Agency (WAMA), West African 
Monetary Institute (WAMI), West African Bankers Association (WABA), the ECOWAS 
Bank for Investment and Development (EBID) and the West African Economic and 
Monetary Union, UEMOA Commission, also revisited the reporting procedure of the 
roadmap, the frequency of their meetings and the financing of the various 
activities.

There were presentations by the ECOWAS Commission, WAMA, WAMI and WABA on the 
status of implementation of the various activities assigned to them under the 
road map
.
The activities are listed under 16 broad rubrics and include issues such as 
harmonization of policies in domestic taxes and the provision of regulatory 
framework in various areas, multilateral surveillance, the completion of the 
payment system infrastructure, removal of non-tariff barriers, stabilization of 
exchange rates, liberalization of capital accounts and the integration of 
financial markets.

It is expected that the proposed timelines on some of the activities will be 
presented to the next meeting of the ECOWAS Convergence Council through the 
Macroeconomic Policy Technical Committee for consideration and adoption.