ECOWAS Bank ready to support businesses

The Vice President of the ECOWAS Commission, Dr Toga Mcintosh, has called on businessmen and women in the sub-region to take advantage of the ECOWAS Bank to source funds to expand and improve upon their businesses.
According to him, the bank finances public and private enterprises to, among other things, build infrastructure; whether for the provision of electricity or roads.

Addressing participants on ECOWAS Day at the on-going Seventh ECOWAS Trade Fair at the Ghana International Trade Fair Centre at La in Accra, Dr Mcintosh said once a business plan was cleared, the bank could provide funds from either its own resources or from other sources such as the African Development Bank.

“We have a bank and that bank would assist if a project is cleared. It can give funds from not only its own resources but can also access funds from other sources. The bank can get money from the African Development Bank or help you do that,” he said.

He, therefore, advised business owners to check the vast opportunities that existed for businesses on the ECOWAS website.

Dr Mcintosh said there were resources that the bank was finding difficulties to give out.

He added that business people, especially young ones, should think big and engage the bank to get support.

The bank is expected to hold a fair in Accra, and the ECOWAS Commission Vice President asked business owners to take active part in the bank’s fair when it commenced.

Community levy

Commenting on the community levy being charged by ECOWAS, he said the levy was a tax imposed on goods that came from outside of the region.

Dr Mcintosh noted that 0.5 per cent of tax imposed on goods coming to the region by a country was used to finance ECOWAS activities.

“So it is a tax that we put only on goods outside our region, so if you are in Ghana and you produce your goods and you send it to Liberia, it would not be taxed. It is only on goods from outside the region that we apply the tax to help us as a region to develop ourselves,” he said.

He said ECOWAS also had a private sector department to provide technical assistance for people on how to go about what they wanted to do.

By Emmanuel Bonney/Daily Graphic/Ghana