Emmanuel OchayiGeorge Agyekum Nana Donkor, the president of the ECOWAS Bank for Investment and Development, emphasized the pressing issue of youth unemployment in West Africa during the ECOWAS Investment Forum 2024 in Lomé, Togo.
Donkor highlighted the dire situation faced by millions of graduates across the region who are unable to secure employment despite completing their university education.
“Our universities churn out millions of students every year, but there’s no job for them,” Donkor stated during the forum. He called for immediate attention from relevant stakeholders to address this challenge and other economic issues facing the region.
Donkor stressed the importance of reducing reliance on sovereign borrowing and instead advocated for smart private-sector borrowing.
The ECOWAS President emphasized the necessity of investing in agricultural technologies to ensure food security and create markets for agricultural trade. Additionally, he highlighted the need for the development of storage facilities to stabilize prices during off-seasons.
“Agricultural technology is critical for our region’s development,” Donkor remarked. “We must move beyond traditional farming methods and focus on value addition, including storage, provision of fertilizer, and infrastructure development.”
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Donkor also endorsed public-private partnerships (PPPs) as a viable solution to address infrastructure deficits across ECOWAS member states.
The ECOWAS Investment Forum, a first-of-its-kind event organized by the bank, aimed to facilitate discussions on investment opportunities in key sectors such as education, healthcare, infrastructure, environmental sustainability, and global market access within the region.
Donkor’s remarks echo the recommendations of the International Labour Organization, which emphasized the importance of tackling youth unemployment in Africa in its 2020 report.
The ECOWAS Bank for Investment and Development, established to promote economic growth and industrialization within ECOWAS member states, serves as a development finance institution for countries including Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, and others.
The bank’s vision is to lead wealth creation and economic prosperity for the well-being of the people in the region.
