ECOWAS private sector experts finalize roadmap for launch of Business Council
A regional committee comprising private sector experts and ECOWAS partners has agreed on a comprehensive road map for launching the ECOWAS Business Council (EBC). The agreement was reached during the third meeting of the technical working group on the margins of the year-end statutory meetings of the ECOWAS Community, held over three days in Abuja.
The five-month road map, proposed by the working group, outlines the steps needed to bring the EBC to fruition. The Council’s launch, whose revised statutes were adopted by the ECOWAS Council of Ministers during their June 2021 meeting in Accra, aligns with the 4×4 strategic objectives of ECOWAS. These objectives aim to deepen regional integration and promote inclusive, sustainable development in line with the ECOWAS vision of a citizen-driven community, with active participation from the private sector.
Preparatory activities ahead of the launch will include the inauguration of a Local Organizing Committee (LOC) to coordinate the launch process, the development of strategic documents, and the recruitment of an Executive Secretary who will serve as the Council’s Chief Executive.
Once operational, the 24-member EBC will serve as the apex body representing the interests of businesses in the region. The Council will provide a platform for private sector inclusion in policy dialogues, which are crucial for boosting intra- and inter-regional business activities and facilitating continental integration in line with the objectives of the African Continental Free Trade Area (AfCFTA).
According to a working document from the meeting, “The goal of the EBC is to create an ECOWAS business community that is globally competitive, regionally integrated, and capable of leading the process for the emergence of West Africa as a preferred investment destination globally with a high standard of living.”
The Council’s members were nominated by ECOWAS Member States following a call for applications coordinated with Ministers responsible for the private sector in each country. A total of 29 applications were received, and eight were recommended by the technical working group during its December 2023 meeting based on validated criteria.
Key agenda items at the meeting included the composition of the Council, steps for its inauguration, and plans for its operationalization.
In her opening remarks, ECOWAS Commissioner for Economic Affairs and Agriculture, Mrs. Massandje Toure-Litse, emphasized the importance of an inclusive Council that reflects the diversity of businesses across the region to achieve greater impact. Her message was delivered by Dr. Tony Elumelu, Director of Private Sector at the ECOWAS Commission.
The meeting also saw the participation of representatives from the German Development Agency (GIZ), the Geneva-based International Trade Centre (ITC), and the Federation of West African Chambers of Commerce and Industry (FEWACCI), which is headquartered in Abuja. Once operational, the EBC will join the ranks of business councils within Africa’s Regional Economic Communities (RECs), further strengthening West Africa’s role in the continent’s economic integration efforts.
