Business News of Thursday, 24 April 2025
Source: www.ghanawebbers.com
Dr. Omar Alieu Touray is the President of the ECOWAS Commission. He expressed concern about low intra-regional trade, which is around 12 percent among West African states.
He called for urgent reforms to remove non-tariff barriers. Improvements in infrastructure and productivity are also needed. These changes will help achieve the vision of ECOWAS's founders.
During the ECOWAS 50th Anniversary launch in Accra, Dr. Touray urged local and international investors to explore the region’s economic potential. The region has over 400 million people.
Dr. Touray described ECOWAS as Africa's most integrated regional bloc. He highlighted the Free Movement Protocol, allowing citizens to travel and work across borders without a visa.
He mentioned the ECOWAS Trade Liberalisation Scheme (ETLS). This scheme has registered over 15,000 companies and more than 50,000 products for duty-free access.
Dr. Touray encouraged citizens not to overlook achievements from the past five decades. Despite challenges, he believes there is much to celebrate within ECOWAS.
He acknowledged the difficult political and economic climate but emphasized positive milestones. “The 50-year achievement of ECOWAS in regional integration is worth celebrating,” he stated.
Dr. Touray responded to skepticism about celebrating ECOWAS by saying yes, there are reasons to celebrate. He noted that no member state requires Mr. Dangote’s hassle regarding travel difficulties across Africa.
He also discussed an initiative called the Interconnected System for Goods in Transit. This system operates in seven countries and reduces customs delays while improving logistics.
Infrastructure development remains a challenge in West Africa, according to Dr. Touray. He outlined a 25-year master plan with 201 projects valued at $131 billion across various sectors.
Flagship initiatives include a 1,028 km Lagos–Abidjan Highway costing nearly $15 billion, now ready for investment. Other major projects involve corridors and maritime routes aimed at enhancing connectivity.
Dr. Touray cited a $340 million off-grid electricity access program as part of efforts to address energy gaps in the region.
On social impact, he praised the West African Health Organisation for coordinating responses to health crises like Ebola and COVID-19.
He highlighted initiatives focused on climate-smart agriculture, food security, and vocational training as evidence of human-centered development commitment within ECOWAS.
Dr. Touray reiterated ECOWAS's role in promoting peace and democracy through interventions in several countries like Liberia and The Gambia.
He recalled how ECOWAS ensured that The Gambia's people's will prevailed during its political crisis in 2016 after Yahya Jammeh rejected election results.
Regarding maritime security, he noted no piracy incidents have occurred since 2024 due to coordinated efforts in the Gulf of Guinea.
Dr. Touray stressed collective action is necessary for resolving issues related to Mali, Burkina Faso, and Niger exiting from ECOWAS.
“Despite challenges, I remain optimistic we can preserve our gains,” he said about regional integration efforts uniting people by blood ties.
High-profile attendees at the launch included Liberia’s President Joseph Boakai and former Ghanaian President Nana Addo Dankwa Akufo-Addo among others.
As part of this anniversary celebration, Foreign Affairs and Finance ministers will meet urgently regarding Mali's withdrawal from ECOWAS along with Burkina Faso and Niger forming an Alliance of Sahelian States.
This meeting aims to prepare briefings for heads of state during their next summit.
The theme for the Golden Jubilee celebration is “Stronger Together, For a Brighter Future.” It emphasizes unity and cooperation as foundations for a prosperous future within the Community.