THE REGIONAL WORKSHOP ON THE HARMONISATION OF BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION STATISTICS IN ECOWAS

As part of the implementation of the Roadmap for the Launch of the ECO, the West African Monetary Agency (WAMA), in collaboration with the Central Bank of West African States (BCEAO), organized a regional workshop on the Harmonization of Balance of Payments (BOP) and International Investment Position (IIP) statistics from 20 to 24 January, 2025, at the National Directorate of the BCEAO in Lomé, Togo.  The main objective of the workshop was to continue the work relating to the practical modalities of operationalization of the harmonized frameworks for compiling BOP and IIP approved by the Committee of Governors. Specifically, the workshop served as a platform for the implementation of the action plans approved by the Committee of Governors to develop and present regional BOP and IIP statistics on the basis of the 6^th Edition of the IMF BOP and IIP Manual (BPM6).

The workshop was attended by the following Member Central Banks (MCBs) and regional institutions:

1. Central Bank of West African States (BCEAO);
2. Bank of Ghana (BoG);
3. Bank of Sierra Leone (BSL)
4. Central Bank of The Gambia (CBG);
5. Central Bank of Liberia (CBL);
6. Central Bank of Nigeria (CBN);
7. ECOWAS Commission;
8. WAEMU Commission;
9. West African Monetary Institute (WAMI);
10. ECOWAS Bank for Investment and Development (EBID); and
11. West African Institute for Financial and Economic Management (WAIFEM).

At the opening event, Mr. Komlan AHADJI of the BCEAO in Lomé welcomed participants and emphasized the significance of harmonizing BOP and IIP statistics to produce reliable data for the region. He reaffirmed BCEAO’s unwavering commitment and readiness to share expertise. He strongly encouraged robust cooperation among Committee members to develop frameworks that align with international standards.

In his welcome remarks, Mr. Boima S. Kamara, DG of WAMA, expressed appreciation to BCEAO for hosting the event in Lomé. He emphasized the importance of high-quality and harmonized data for effective policymaking, financial stability, and public accountability. DG Kamara acknowledged the progress being made by the Committee and highlighted the workshop’s goal to refine the action plan for developing BOP and IIP statistics. He urged participants to contribute their expertise to help shape a robust statistical framework that would drive economic growth, ensure financial stability, and promote prosperity within ECOWAS. He reiterated that perhaps a framework that incorporate the specific features of the region may offer some answers to the perennial low intra-regional trade reported for the region. He further emphasized the vision of transitioning from an ECOWAS of States to an ECOWAS of People, fostering peace and shared prosperity across the region.

Mr. Ubong S. Udoette of the CBN, Chairman of the Technical Committee on Harmonization of BOP and IIP statistics in ECOWAS, applauded WAMA’s initiative, highlighting the significance of timely and reliable data for the convergence process. He noted strong enthusiasm and readiness from compilers and technical teams. He emphasized the urgency of WAMA in accelerating regional BOP and IIP compilation ahead of the Central Bank of West Africa’s (CBWA) launch, reinforcing the project’s vital importance.

During the workshop, discussions focused around the following sub-thematic areas:

• ECOBASE regional BOP: the Proposed aggregation method for ECOWAS;

• Operational Framework of the Balance of Payments and International Investment Position;

• Regulation on the Regional BOP and Intra-ECOWAS Trade Reconciliation Committee;

• Evaluating the Process of Migration to the Common Framework for BOPs by Central Banks of Member states;

• Simulation of the method of aggregation, presentation and analysis of regional data by WAMA; and

• Prospects for the preparatory work on the compilation of ECOWAS BOP and IIP statistics including the:

• Establishment of a Technical Assistance Framework

• IT infrastructure

• Action plan for the implementation of the various activities relating to the development of the ECOWAS regional BOP and IIP

At the closing event, the Director General of WAMA, Mr. Boima S. KAMARA expressed his gratitude to the Governor of BCEAO for hosting the event. He also expressed appreciation for the commitments by the Member Central Banks in the implementation of this important activity under the Roadmap. He assured participants of WAMA’s commitment to implement the directives of the Committee of Governors arising from the recommendations of the workshop. He concluded by thanking the Chairman for his efficient and substantive leadership during the workshop.

Mr. Ubong S. Udoette, Chairman of the Committee of Experts, thanked the BCEAO authorities for providing facilities that contributed to the successful conduct of the meeting. On behalf of participants, he extended gratitude to staff at the National Directorate of BCEAO in Lomé for their support throughout the workshop. The Chairman commended committee members and representatives of regional institutions for their commitment and valuable contributions to the deliberations. The Chairman also lauded WAMA’s Director General and team for their steadfast commitment to regional integration and the smooth running of the workshop. In closing, Mr. Udoette declared the meeting adjourned and wished participants safe journey mercy to their respective home countries.