Private sector a catalyst of economic growth

Dr Mohamed Ibn Chambers, President of the Ecowas Commission has revelead that the role of the private sector, especially the orgarnised private sector, in promoting economic development and consequently reducing poverty in the West African region, has long been organised and supported by Ecowas.

Dr Chambers made this remark  when  he was presenting a paper on the status of integration in West Africa, opportunities and challenges for the private sector.
 He said ECOWAS support is anchored on the belief that the private sector can partner with the public sector in alleviating poverty, which is a foremost policy objective of NEPAD and the first of the Millennuim Development Goals (MDGs).

Dr Charmbers said the private sector is considered to be a catalyst of economic growth in a market economy. "The private sector is expected to dominate the commanding height of the economy. This business forum is important to Ecowas Commission, because it offers us the opportunity to discuss our collective efforts at using integration as a tool for development, the promotion of peace and security, good governance, and ensuring harmonious integration of West Africa into a global economy," he added.

The President of Ecowas Commission further revelead that the objectives of Ecowas, as enchrishined in the Treaty, are to promote corporation and integration, leading to the establishment of an economic and monetary union, for sustainable economic development in West Africa. He said "within Ecowas, a collective approach to sound economic management is being pursued with determination, through the multi-lateral surveillance in the macroeconomic policies of the fifteen countries.

The Ecowas economic governance is in conformity with the NEPAD codes and principles of good practices of sound monetary and financial policies, fiscal and budget transparency, public debt management, accounting and auditing standards, strict banking supervision, and good corporate governance".

Dr Charmbers furthter stated that the Ecowas Commission has developed an action plan to facilitate cross border movements, by ensuring the implementation of road transport facilitation measures, in collarboration with the UEMOA and in line with Ecowas protocol on free movement of persons and goods. He said the action plan consist of the construction of joint border posts to expedite immigration formalities and and the clearing process for goods, the creation of observatories, along inter-state corridors to expose and reduce the  incidence of bad practices, the fight against HIV/AIDS pandemic and a series of awareness campaigns to educate all stakeholders in the road  transport sector.

Jonathan Osekre, CEO, Magnate Techonoly and Services, said most African countries are commited to implementing standards to secure and facilitate trade.

Mr Osekre added that Ghana Custom Excise and Preventive Services (CEPS) is exploring establishing a coutoms- business partnership against terrorism in the region, noting that Magnate is interested in exploring business-to-business joint ventures in the region and business-to-government intiatives.

The project, he added, which is electronic- based, uses a low-intrusive technology to track and monitor goods and vehicles. He said the electronic tracking and monitoring will cover transit, transhipment, bonded warehousing, free zones, re-export, temporary importation and other customs-bonded regimes.

Mr Osekre pointed out that implementation of e-tracking and monitoring, decrease customs delay and cost by introducing modern technology that limits human intervention, reveal fraud, tampering, amongst others.
Bai Matarr Drammeh, President of the Gambia Charmber of Commerce and Industry, called for attitudinal change, noting that there should be room for close partnership between all stakeholders.

He finally  noted that there cannot be any meaningfull development without the involment of the private sector, adding that private sector plays an important role in the economic development of any country.