Ghana’s Parliament is playing an active role at the ongoing high-level regional economic deliberations as the Chairman of the Economy and Development Committee, and Member of Parliament for Amenfi West, Eric Afful, heads a Ghanaian parliamentary delegation to the Joint ECOWAS Statutory Meetings currently taking place in Monrovia, Liberia.
The meetings, which brought together the ECOWAS Commission and key regional monetary and financial institutions including the West African Monetary Agency (WAMA), West African Monetary Institute (WAMI) and the West African Institute for Financial and Economic Management (WAIFEM) are focused on advancing solution-driven approaches to the financial and economic challenges confronting West Africa.
Mr Afful’s leadership of the delegation underscores Ghana’s growing parliamentary engagement in regional economic governance, particularly at a time when ECOWAS is intensifying efforts toward macroeconomic convergence, financial integration and the eventual introduction of a single regional currency, the ECO.
The Ghanaian delegation includes the Member of Parliament for Kwabre East, Akwasi Gyamfi Onyinaa-Acheampong, and the Member of Parliament for Manso Nkwanta, Tweneboa Kodua Fokuo, reflecting a strong parliamentary interest in shaping the policy direction of the ECOWAS economic agenda.
At the heart of the ongoing discussions is the need to strengthen cross-border financial supervision, improve information sharing among regulators, and ensure coordinated policy responses to emerging risks in the sub-region.
Directors of Banking Supervision and senior financial regulators from across West Africa are examining frameworks for risk-based supervision, harmonised regulatory standards, and crisis management, as financial systems in the region become increasingly interconnected.
For the Ghanaian parliamentary delegation, the Monrovia meetings present a strategic opportunity to inject legislative perspectives into the regional policy space, especially on matters that have direct implications for national economies, including financial stability, trade flows, investment mobilisation and debt sustainability.
Speaking in an interview about the ongoing meeting, Mr Afful highlighted the importance of strong parliamentary involvement in the ECOWAS integration process, noting that the success of regional agreements ultimately depends on domestic legislation, policy coherence and effective parliamentary oversight.
“The role of parliaments is central to the implementation of these frameworks, particularly through law-making, budgetary scrutiny and accountability. Ghana remains committed to supporting ECOWAS initiatives that promote economic growth and financial stability across the region,” he stated.
Key issues currently under review include the performance of member states on macroeconomic convergence criteria, particularly inflation control, fiscal discipline, public debt management and central bank financing of government deficits, all considered essential foundations for a credible monetary union.
Regional financial experts have acknowledged that while economic growth across the West African Monetary Zone (WAMZ) has shown signs of improvement, no member state has yet met all the primary convergence benchmarks, highlighting the need for stronger coordination, fiscal discipline and policy reforms.
Another major focus of the ongoing meetings is financial sector integration, including the management of non-performing loans, climate-related financial risks, and the strengthening of banking and non-bank financial supervision across borders.
Participants are also discussing the future of cross-border payment systems, with particular emphasis on the Pan-African Payment and Settlement System (PAPSS), which aims to reduce transaction costs, improve trade settlement and deepen financial inclusion within ECOWAS and across Africa.
The Ghanaian delegation is contributing to deliberations on the role of digital financial infrastructure, regulatory sandboxes and central bank digital currencies, as part of broader efforts to modernise financial systems and enhance resilience in the face of technological and cyber risks.
As one of the leading economies in the sub-region, Ghana’s parliamentary presence at the ongoing ECOWAS meetings is widely seen as reinforcing the political commitment and legislative backing required to drive regional economic reforms.
The Monrovia meetings have attracted central bank governors, ministers of finance, senior technical experts and development partners from across West Africa, all working toward strengthening the region’s financial architecture amid global economic uncertainty, rising debt pressures and climate-related vulnerabilities.
With Eric Afful leading Ghana’s parliamentary delegation, the country continues to position itself as a key voice in shaping the future of ECOWAS monetary integration, financial governance and regional economic stability.
