ECOWAS Working With Partners to Improve Business Climate in West Africa

SPONSOR WIRE

Abuja - Nigeria — ECOWAS is partnering with the International Finance Corporation and the European Union to implement a programme for the improvement of the business environment in the region, the President of the ECOWAS Commission, His Excellency Kadre Desire Ouedraogo has assured.

“This will cover the development of a regional investment policy, finalisation of a regional investment code, the implementation of a regional investment policy monitoring platform developed jointly by the African Union (AU) and the United Nations Industrial Development Organization (UNIDO,” the president told a Global Banking and Investment Forum, organized in London on 6th November 2012, by the West African Monetary Institute (WAMI).

West Africa is associated with a difficult business and investment environment accentuated by poverty, infrastructure deficit, policy deficiency and political governance issues.   In the speech to the Forum, delivered on his behalf by the ECOWAS Director of Private Sector, Mr. Alfred Braimah, President Ouedraogo said: “The future looks much brighter now given the level of political will of the Heads of State and Government and the full support of the development partner community to assist the ECOWAS Commission and the Member States to address the business climate challenges at the National and Regional Level through the development of the right policy frameworks.”

With a population of some 300 million people and GDP of US$ 316 billion, the ECOWAS region accounts for 4.5% of the world’s population, but only 0.5% of the world’s GDP.  President Ouedraogo however noted that this is also changing, with a projected 5% annual growth rate in GDP for the region.

“Despite the enormous challenges, there is great opportunity for growth and development within the ECOWAS Region,” he said.

Copyright © 2012 Economic Community of West African States. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.