WorldStage Newsonline– Unemployment rate among young people in West Africa currently stands at 24.95 per cent, while at the continental level it is 30.43 per cent, ECOWAS Parliamentarian, Sen. Amara Konneh, has said.
The Chairman of the Parliament’s Public Accounts Committee and lawmaker from Liberia, disclosed this while making a presentation at a delocalised meeting of the Parliament in Monrovia, Liberia.
The theme of the meeting is: “Assessing the Effectiveness of the ECOWAS Investment Policy as a Panacea for Addressing the Rising Levels of Unemployment in the Sub-region.”
According to him, the two figures contrast sharply with the prevailing global youth unemployment rate of 5.8 per cent, placing the region’s unemployment rate among the highest globally.
The former Liberian Minister of Finance and Development Planning, said the figures implied that the region was not providing a sufficient conducive environment for sustainable investment.
“Youth unemployment in West Africa currently stands at 24.95 per cent, but overall, youth unemployment in Africa stands at 30.43 per cent, and globally at 5.8 per cent.
“In recognition of the challenges of attracking Foreign Direct Investment (FDI) to create jobs and promote sustainable development, member states have adopted the ECOWAS Investment Policy to establish harmonised regional investment climate policies.
“There is also the need to enhance financial infrastructure and access to capital, strengthen regional investment governance, as well as improve human capital and workforce development,” he said.
He solicited targeted investment in key economic sectors, adding that existing strategies had failed to adequately translate economic growth into jobs for the subregion’s burgeoning youth population.
According to him, the bloc’s youth unemployment is among the highest worldwide, compelling many to resort to illegal migration due to a lack of local prospects.
He decried the persistence of the situation in spite of the staggering 400 million ECOWAS population, which also boasts abundant natural resources.
Konneh said the key goal of ECOWAS Investment Policy was to create a strategic framework to attract investment, stimulate growth and create jobs.
He said the goal also included attracting domestic and foriegn investments that would drive economic growth, enhance regional cooperation, facilitate crossborder investments, and reduce legal and regulatory barriers to investment.
The lawmaker further said most of the sectors that were affected included agriculture, manufacturing and industry, services, as well as Small and Medium Enterprises (SMEs).
“There is the need to leverage the ECOWAS investment policy, and strengthen the regional investment climate by expanding investment promotion and facilitation.
“Investment is important because it plays a central role in job creation, as well as stimulates economic activity by expanding industries and fostering innovation.
“SMES are significant because they serve as the backbone of economic growth and job creation,” he stressed.
He, however, noted that regulatory fragmentation, infrastructure deficits and limited investor confidence posed as barriers to the full potential of the ECOWAS investment policy.
The parliamentarian suggested that accelerating the harmonisation of the investment law and aligning member states into a single economic space was essential for the policy to succeed.
Konneh, therefore, urged all member states to fully integrate the ECOWAS Common Investment Code into their national policies by 2030, and commit to fostering a conducive investment environment.
The Parliament’s Delocalised Joint Committee Meeting on Administration, Finance and Budget, Public Accounts, Macroeconomic Policy, Economic Research, Industry and Private Sector ends on Friday.
