The Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has emphasised that a harmonised regional investment framework is essential in attracting greater investment into West Africa.
She said in spite of ECOWAS's market of more than 350 million people and a combined Gross Domestic Product (GDP) of about $700 billion, foreign direct investment (FDI) inflows to the region remained potentially low due to high costs and perceived risks associated with doing business across borders.
At the opening of the Fifth Meeting of the ECOWAS Ministers of Trade and Industry (ECOMOTI-5) in Accra yesterday, Mrs Ofosu-Adjare said the proposed ECOWAS Common Investment Market would transform the region's investment landscape by enabling investors to access all 12 ECOWAS member markets through a single-entry point, supported by predictable regulations and credible dispute-resolution mechanisms.
"It is for this reason that Ghana supports the full adoption and implementation of the West Africa Common Industrial Policy (WACIP) 2026–2030, together with its Implementation Plan and Monitoring and Evaluation arrangements,” the Minister of Trade and Industry said.
She said Ghana also supported the 14th harmonised and mandatory fortified-food standards; the Cross-Border Consumer Protection Regulation; and the ECOWAS Common Investment Market, which were some of the instruments to be considered at the Accra meeting.
Mrs Ofosu-Adjare described the ECOWAS Common Investment Market as a critical tool for making the region more competitive, integrated, and attractive to investors.
She urged member states to demonstrate the political will necessary to implement the framework, stressing that regional integration, harmonised standards, and coordinated policies were essential to unlocking West Africa's economic potential and accelerating industrial development.
"As host of the African Continental Free Trade Area (AfCFTA) Secretariat, as a founder member of ECOWAS, and as a country that has staked its economic future on the success of regional integration, we stand ready to work alongside every delegation in this room to build the West Africa our people deserve," she added.
He welcomed the delegates to the meeting on behalf of President John Dramani Mahama, the government and the people of Ghana.
5th Meeting
The Fifth Meeting of the ECOWAS Ministers of Trade and Industry (ECOMOTI-5) has brought together approximately 80 participants, including Ministers of Trade and Industry from ECOWAS member states, representatives of the ECOWAS Commission, the UEMOA Commission and other regional and international organisations.
The two-day meeting (Jun 11 to 12) is meant to provide high-level political guidance, validate recommendations emerging from expert-level and senior officials' meetings, and take key decisions to advance the ECOWAS agenda on trade, industry, investment, competition and consumer protection.
Specifically, ministers will review the region's participation in and outcomes of the 14th World Trade Organisation Ministerial Conference (MC14) and discuss the post-MC14 road map.
They will also consider progress on the AfCFTA negotiations and implementation, as well as issues relating to the ECOWAS Common Market.
The meeting will further provide updates on ongoing trade initiatives and seek ministerial guidance, validation, and decisions required to strengthen regional trade integration.
Yesterday's opening session featured presentations of reports, plenary discussions, Election of Bureau and adoption of decisions and recommendations.
Those who attended the opening session included the Deputy Minister of Trade, Agribusiness and Industry, Sampson Ahi, Chair, Committee on Trade, Customs and Free Movement, ECOWAS Parliament, Amdiatta Diaby, the Commissioner for Economic Affairs and Agriculture, ECOWAS Commission, Dr Kalilou Sylla, and Chairperson of the ECOWAS Ministers of Trade and Industry, Alpha Ibrahim Sesay.
In a video message to the participants, the Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, highlighted the opportunities available to ECOWAS despite growing global trade uncertainties and geopolitical disruptions.
She stated that the region's strong economic performance, including robust GDP growth and rising exports, provides a solid foundation for future development.
However, Dr Okonjo-Iweala cautioned that ECOWAS economies remained heavily dependent on commodity exports, making them vulnerable to global price fluctuations, while intra-regional trade continues to lag behind potential.
Commitment to regional trade integration
In his goodwill message, Chairperson of the ECOWAS Parliament’s Committee on Trade, Customs and Free Movement, Amdiatta Diaby expressed appreciation to the ECOWAS Commission for involving the Parliament in the meeting and commended the successful gathering of senior trade officials whose recommendations will guide ministerial decisions.
Mr Diaby highlighted the significance of the meeting in advancing key regional priorities, including implementation of the African Continental Free Trade Area (AfCFTA), the ECOWAS Common Market Roadmap, trade facilitation, removal of non-tariff barriers, industrialization, investment promotion, competition policy, and consumer protection.
He emphasized that trade remains a vital driver of economic growth, job creation, poverty reduction, and regional integration.
Reaffirming the ECOWAS Parliament’s commitment, he pledged support for the implementation of decisions emerging from the meeting through its legislative, representative, and oversight roles.
He also underscored the Parliament’s readiness to collaborate with the ECOWAS Commission, Member States, the private sector, and other stakeholders to ensure that regional trade policies deliver tangible benefits to citizens.
He concluded by wishing participants productive deliberations and successful outcomes that will strengthen regional integration and promote a prosperous, competitive, and united ECOWAS region.
