ECOWAS Commission President Lists Factors Hindering Investments In West Africa

ECOWAS Commission President Lists Factors Hindering Investments In West Africa

“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.

“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.

Mr. Touray also drew the attention of the Heads of State at the meeting to the declining revenue of the commission. He mentioned the challenges faced in accessing the Community Levy, which he described as the lifeline of the community institutions and integration programs. ECOWAS collects a 0.5 per cent levy on imports from outside member countries.

He highlighted the critical nature of the low resource mobilization for the organization, especially as member states under sanctions have ceased remitting the levy. The financial responsibilities of the body are growing, making the financial situation more challenging.

“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.”

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