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ECOWAS
experts discuss investment in the sub-region
Accra, Aug. 4, Ghanadot/GNA - Discussions have begun with a
cross-section of businessmen, private sector and civil
society organisations on new rules and regulations to
position the West African sub-region as an attractive single
market for investments.
The two-day workshop, being facilitated by the Economic
Community of West African States (ECOWAS) Commission, is
aimed to enhance awareness among member states of the
community on investment and also to deal with the challenges
imposed by national legislations on cross-border trade and
investment.
The ECOWAS treaty signed about 33 years ago recognises the
importance of single market. However, the process to achieve
that goal has been slow.
Across the region, there are still controls on the free
movement of goods, persons and capital between countries and
impediments to the inflow and outflow of direct and
portfolio investment into and from the region despite the
abundance of viable investment opportunities in the region.
The Community Investment Rules and Codes will enable the
free flow of Capital and Services in the region and become
instruments for the creation of a Common Investment Market.
Opening the workshop, Dr. Charles Brempong-Yeboah, Deputy
Minister of Foreign Affairs, said the prospects for
attracting and sustaining investment in the sub-region could
be improved if countries implemented good investment
policies together.
He said the attainment of the Common Market would promote
intra-regional trade and investment leading to improved
lives for the citizenry.
Dr Brempong-Yeboah described as unhealthy the competition
among member states for scarce foreign investment, saying
the move obstructed intra-regional trade and depressed
over-all regional economic growth.
Professor Lambert N'galadjo Bamba, Commissioner,
Macroeconomic Policy, ECOWAS Commission, said the
harmonisation of regional investment policies into a
singular code would remove obstacles to doing business and
provide efficient and effective regulatory framework to
promote healthy competition and growth of the regional
private sector.
He said the code would not only end up reducing or
eliminating complexities in the regional investment policies
but would equally limit the potential of any future
reintroduction of cumbersome requirements from prospective
investors into the region.
Prof. Bamba said the combination of a stable common regional
investment climate, transport and communication
infrastructure and sound macro-economic policies could
provide adequate incentives for large-scale investments in
manufacturing and service projects.
GNA
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