Lomé, Togo – West Africa took a major step towards economic cooperation and development yesterday with the launch of the first-ever ECOWAS Investment Forum. The two-day event, held in the Togolese capital, brought together over 400 key stakeholders from across the region, including government officials, investors, and development partners.
The forum focused on tackling critical issues plaguing West Africa, such as food security, sustainable infrastructure development, and youth unemployment. In a bid to address these challenges, the forum aimed to secure investments for large-scale regional projects.
“This forum is about building bridges, not walls,” declared Togolese Prime Minister Victoire Dogbé at the opening ceremony. “Our region faces numerous challenges, but through cooperation and innovation, we can find solutions.”
The ECOWAS Bank for Investment and Development (EBID), the forum’s organizer, is determined to bridge the region’s significant investment gap, estimated at $12 billion annually. Since the end of 2022 alone, the EBID has disbursed $3.69 billion to support development projects across its 15 member states.
“We want to create a platform for investors and project developers to come together, collaborate, and drive transformative change,” said George Agyekum Donkor, President of the EBID. “Investment in West Africa is not just about profit; it’s about building a sustainable future for all.”
"Revitalizing ECOWAS: We're investing in education, health, and tech to transform communities and overcome infrastructure challenges. Join us in creating jobs and changing perceptions for a better future!" – George A. DONKOR, EBID President#EIF2024 #EBID #ECOWAS pic.twitter.com/FzZiaq5XiM
— ECOWAS Bank for Investment and Development (EBID) (@BIDC_EBID) April 4, 2024The forum also aimed to address the perception that regional institutions are often out of touch with the needs of the people. Prime Minister Dogbé acknowledged this concern but expressed hope that the forum would mark a “new dynamic” for ECOWAS. She pledged Togo’s continued support for the initiative.