The Economic Community of West African States (ECOWAS) Commission and the World Bank Group has implemented the “Improved Business and Investment Climate” in West Africa Project to improve the Investment Policy (IP) and Investment Climate (IC) in the region. The project has addressed a range of IP/IC issues that constitute barriers for the private sector to invest efficiently across the ECOWAS region.
To this end, in the areas of
- Transfer of funds/Profits: investors to now freely transfer funds in/outside the ECOWAS region without restrictions
- Alternative Dispute Resolution: investors’ settlement of disputes (e.g., Investor/State disputes) via a wide range of flexible modalities.
- Expropriation Protections: investors to enjoy world-class harmonized expropriation protection and compensation rules.
- National Treatment: investors to enjoy a full guarantee of non-discrimination Between Domestic and Foreign investors.
- Other Mainstream Investment Guarantees: investors to benefit from a harmonized and enhanced investment entry, protection and regulation measures throughout the ECOWAS region.
The initiative which was funded by the European Union (EU) was launched in 2017 under the Improved Business and Investment Climate in West Africa Project.
It was piloted in six ECOWAS member countries – Côte d’Ivoire, Ghana, Mali, Nigeria, Senegal and Sierra Leone to identify bottlenecks in countries’ investment climate – notably on barriers to investment entry and identification of reforms to be implemented, focusing on the legal and regulatory mechanisms needed to address those challenges for private sector development.
Mamadou Traore, Commissioner, Industry & Private Sector Promotion, ECOWAS, stated: “The Scorecard tracks countries’ efforts to enhance investment between member states. It will foster peer learning and accelerate implementation of our commitments to create a single investment destination – through growing the private sector and delivering benefits to consumers.”
All 15 ECOWAS member countries have endorsed the Scorecard and agreed to its implementation in each country.
Going forward, the ECOWAS Commission will coordinate the implementation of the Scorecard in all the member countries and ensure its sustainability. The Commission will also ensure the effective implementation of the ECOWAS Investment Policy and the ECOWAS Common Investment Code.
For more information:
For ECOWAS: Peter Oluonye – Email: firstname.lastname@example.org
For the European Union: Rose Kane – Tel.: +221 33 889 1071 – Email: Rose.KANE@eeas.europa.eu
For the World Bank Group: Pauline Delay – Tel: +27-11-7313048 – Email: email@example.com
Lawrence Henri Mensah: Tel.: +221 78 639 8673 – Lmensah@ifc.org