ECOWAS champions inclusive business growth

The Economic Community of West African States (ECOWAS) has laid the groundwork for an inclusive and diversified ECOWAS Business Council (EBC).

During the opening of a three-day committee meeting in Abuja, ECOWAS Commissioner for Economic Affairs and Agriculture, Ms. Massandje Toure Litsé, emphasized the importance of establishing a Council that reflects the diverse business landscape of the region.

Ms. Litsé described the proposed EBC as a “crucial body that will shape the economic trajectory of the region” by driving competitiveness and investment. Delivered through Dr. Tony Elumelu, Director of the Private Sector, her message underscored the opportunities presented by the African Continental Free Trade Area (AfCFTA), which was signed in 2018 and headquartered in Ghana. She highlighted AfCFTA as a unique platform for businesses to access new markets, enhance trade, and attract foreign direct investment.

The Commissioner underscored the necessity of mobilizing collective efforts from stakeholders, particularly micro, small, and medium enterprises (SMEs), which form the backbone of the economies in ECOWAS Member States. Ms. Litsé pointed out that the transition to a citizen-led Community necessitates expanded private sector participation, facilitated by the establishment of pertinent structures to operationalize the EBC.

Ms. Litsé called for the EBC to include prominent business leaders who can actively participate and represent the business sector in Community decision-making bodies. She stressed the importance of inclusivity, ensuring that businesses of all sizes and sectors, especially SMEs, have representation in the Council to address their unique challenges.

“Selecting EBC members must be guided by principles of representation, inclusivity, competitiveness, and influence,” she stated. “This will enable the Community to achieve its ultimate goal of a prosperous and inclusive ECOWAS region where all businesses can thrive and contribute to growth and development.”

Acting Chairman of the Technical Working Group, Mr. Gerald Amangwa, reiterated the vital role of the private sector in the development process, describing it as the “heart of the development process.” He highlighted that the three-day conference aims to resolve any pending issues in time for the Council’s inauguration in December 2024.

Throughout the meeting, Technical Committee members will introduce themselves and deliberate on the composition, structure, and operations of the EBC. They will also outline key steps and requirements for the Council’s launch and operationalization, setting the stage for a new era of economic collaboration and growth in the ECOWAS region.