ECOWAS Commission President lists factors hindering investments in West Africa

The President of the Economic Community of West African States, (ECOWAS) Commission, Omar Touray, said political stability, peace and security remain critical for West African countries to attract investment that will aid development.

He said the region’s fragile democracy and persistent security challenges have affected the risk rating of the region and the flow of foreign capital and intra-regional trade and investment.

He spoke on Sunday during the 64th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Abuja.

“We are challenged to improve the business environment in our community to take advantage of the growing interests of investors in our community,” he said.

Mr Touray said ECOWAS has made the development of regional infrastructure and business-friendly policies a cornerstone of integration of the region.

He said the recently commissioned International Coordination Centre of the West African Power Pool in Abomey-Calavi, Benin Republic, is part of the body’s integration plan.

He said the project, supported by the European Union, now enables trade in electricity across the West African region.

“The unified electricity market achieved through this project will improve access to electricity by areas of low generation from areas with high supply,” he said.

He added that all member states of ECOWAS, except Cabo Verde, are connected to the system, which makes the sale and purchase of electricity among them possible.

“We are grateful to the European Union for the support of 35 million Euros towards the realisation of this project,” he added.

ECOWAS’ low resource mobilisation

Mr Touray also called the attention of the Heads of State at the meeting to the depleting revenue of the commission.

He said the commission has been encountering challenges in accessing the Community Levy, which he said is the lifeline of the community institutions and integration programmes. ECOWAS collects a 0.5 per cent levy on imports from outside member countries.

He said the low resource mobilisation of the body is now more critical as member states under sanctions have stopped remitting the levy, adding that the body’s financial responsibilities are growing even as the financial situation gets more difficult.

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“I have been compelled to bring this matter to your attention because we have the community’s action plan against terrorism to implement; peacekeeping missions to sustain; vital integration programmes to finance, transitions in member states under military rule to support, and various socio-economic and humanitarian problems to tackle.

“I am confident that your Excellences will give full support to our efforts to access funds that the national customs authorities have collected on behalf of the Community.”