President Akufo-Addo
President Akufo-Addo has expressed grave concern about the continuous delay by Economic Community of West African States (ECOWAS) countries to harmonise their economic activities.
Speaking on the 42nd Anniversary of ECOWAS Day organised by the Centre for Regional Integration Africa, the president mentioned the processes, which led to the establishment of the European Union (EU) and added that the EU has one currency and free movement of goods, services and people across 27 countries.
He also said that EU has a nominal GDP of $16.5 trillion, making it the second largest economy in terms of GDP in the world.
The President indicated that “the single currency, the Euro, has increased efficiency, lowered the cost of doing business and improved transparency in pricing.”
The overall effect, he said “has been to make Europe a much stronger economic and political player on the world stage.”
Concerns
ECOWAS was established to boost inter-regional commerce and cooperation, with the clear objective that the countries of West Africa would form a more effective economic bloc.
“Today, however, while the EU is central to the lives of Europeans, ECOWAS is somewhat peripheral to the lives of most West Africans. And it is not for the lack of plans or even rules and regulations. It is simply that the political will to make integration real has been less evident than in Europe,” the President said.
He cited common currency, Common Agricultural Policy, West African Power Pool and a Common Tariff regime, among others, as examples of good policies, which are yet to be implemented despite being on the books of ECOWAS.
Conviction
President Akufo-Addo therefore stressed the belief that ECOWAS countries would have a stronger political voice if they come together.
“The European Union (EU) took off because the political leadership of France and Germany decided to make it work. Once the political will is evident, we can then work together to make ECOWAS a true regional market,” he said.
With the emergence of a new crop of leaders within the sub-region however, Nana Akufo-Addo was confident that West Africa is finally beginning to find its feet again.
“These new leaders committed to governing their nationals according to the rule of law, respect for individual liberties and human rights and the principles of democratic accountability, are looking past commodities to position their countries in the global marketplace.
Confidence
Aside that, he said the new crop of West African leaders is determined to free their nationals from a mindset of dependence, aid, charity and hand-outs, while bent on mobilizing Africa’s own immeasurable resources to resolve its problems and recognise the connectedness of their peoples and economies to those of their neighbours.
President Akufo-Addo therefore reiterated the need for the integration process to become part of the national conversation in each ECOWAS member country and not make it a matter just to be dealt with by the officials and Heads of States at meetings and proceedings.
Brexit, according to him, was anchored on deep divides that had been visible and growing for decades.
These divides, he said, were spurred on by currents that had been deeply embedded into the fabric of British society for decades.
Benefits
“The populations of West Africa must, therefore, understand the advantages and the disadvantages of subscribing to a regional grouping, as their support, for or against the process of regional integration, will ultimately determine the level of its success,” he added.
He was of the firm conviction that it would be in the economic interest of Ghana and her enterprises for the process of West African integration to succeed and become real as soon as possible.
According to him, the programme for Ghana’s social and economic transformation, spurred on by a monetary policy that will stabilise the currency and reduce significantly the cost of borrowing.
The introduction of a raft of tax cuts and the shifting of the focus of Ghana’s economy from taxation to production should make Ghanaian businesses competitive in West Africa, Africa and beyond.
Charge
“As the empowered Ghanaian businesses become stronger and more successful, they will need bigger markets. West Africa has a market of 350 million, which will expand to 500 million people in 20 years. This means that a genuine regional market in West Africa should be in our economic interest, for it will present immense opportunities to bring prosperity to the peoples in our region with hard work, creativity and enterprise. The time for West African integration is now,” he said.
President Akufo-Addo added that a functioning, common regional market in ECOWAS has to be a very fundamental objective of Ghanaians, and indeed of all the peoples and governments of West Africa.
“When we think of West Africa and Africa before our individual countries, we are not just being pan-Africanists, we are being true nationalists, because what makes West Africa better will make each of our individual countries better and more prosperous,” he charged.
“All who believe in regional integration must give enthusiastic support to community’s decisions and inspire confidence and integrity in the structural organs of ECOWAS. Our people deserve no less, and the dream of prosperity will be within our grasp.”
By Charles Takyi-Boadu, Presidential Correspondent