By Saywhar Gbaa
Trade on a global scale has improved economies around the world and has been systematically identified as an impetus as well as instrument for economic progress and peace among nations, international trade experts say.
Africa, particularly West Africa faces an incredulously huge challenge to develop capital markets for fueling it’s economic growth.
Africa’s population is projected to reach 2.5billion by the year 2050 and at that point, it will comprise 26 percent of what is projected to be the World’s working age population with an economy that is estimated to grow twice as rapidly as that of the developed World.
A multi donor initiative, the Trade Facilitation West Africa, driven by development partners entered into force 2017 to improve existing trade facilitation measures in west Africa with a task to implement targeted interventions and measures by key development Partners supporting Countries in the Region and the Regional bodies
Cognizant of the fact that the West African Region is marked by the fast implementation of specific integration policies, the attention of political authorities, actors and Stakeholders must be keen on renewed interest and commitment to accelerate the regional integration process. Essentially, this can only be achieved if the challenges faced by ECOWAS Private Sector cross border business are aggressively tackled.
The Region’s shattered economy can only be redeemed if African governments pragmatically embark on an industrial revolution that will usher in a whole new age of Manufacturing and production.
As of 2022, the Least Developed Countries (LDCs) summed up to 46 according to the UN’s World population review, and 13 of which are ECOWAS Member States, excluding Nigeria whose income may not be the most efficient but has an economy large enough – not to be at risk and Cape Verde that has been internationally recognized and included on the list of the United Nations Small Island developing States.
If Africa, especially West Africa must make a competitive leap on the economic frontier, our leaders must demonstrate the political will, which should be backed by a holistic marshal plan for rapid economic growth that will spur socioeconomic development.