ECOWAS leaders agreed to "convert West Africa into a borderless region where the citizens can create and avail themselves of opportunities for sustainable production by harnessing West Africa's enormous resources, transact business and live in dignity and peace under the rule of law and good governance."
The summit called for a review of the current two-stage approach of the common regional currency and asked the ECOWAS Commission to consult with Ministers of Finance and Governors of Central Banks on the way forward.
The leaders reaffirmed their commitment to the Economic Partnership Agreement (EPA) with the European Union (EU) as it will among other benefits, assure market access for West African products and "provides sufficient funding for the negative adjustment consequences of the agreement."
The communiqué said the summit adopted the interim report of the Commission for 2007 which said the economy of the sub-region recorded a GDP growth of 6.1 percent in 2006 as against 5.5 percent in 2005, observing however, that the high prices of petroleum products posed a challenge for the economies of individual states.
The summit which reviewed other issues of common interest, including the progress being made in democratic transfer of power and directed that ECOWAS "continue to promote the sharing of experiences in the reform of the electoral systems and processes and the promotion of electoral good practices in the region."
In an address to the opening session, President Yar'Adua urged ECOWAS to continue to strengthen its integration efforts as that is way the region can compete fairly and "build our economies and nations on the basis of our resources and designs."
He urged member states not to relent in the provision of the needed moral, material and financial support to ECOWAS "in its efforts to meet the diverse political, cultural and socio-economic challenges that face our region. That is the only way we can hope to actualise the vision of the founding fathers for a peaceful and economically prosperous sub-region."
The summit witnessed the swearing in of the president of the Commission, Dr. Mohammed Ibn Chambas by the president of the Community Court of Justice, Justice Aminata Sanogo.
In his address, Chambas thanked the ECOWAS leaders for the confidence reposed on him and members of the Commission and pledged to faithfully implement the policies of the decision-making organs of ECOWAS "with a view to ensuring sustainable development, peace and security."
Source: Africa Guide
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