The President of Ghana, John Dramani Mahama, has described the recent wave of military coups in West Africa as not just a threat to democracy but an ?economic emergency? that undermines the region?s growth prospects.

Speaking through Ghana?s Finance Minister at the West Africa Economic Summit (WAES) in Abuja on Saturday, President Mahama warned that economic integration and trade cannot thrive in an atmosphere of political instability.

?Trade cannot flourish where democracy is in retreat. Investment does not land where governance is broken.

?The recent wave of instability and military takeovers in our region is not just a security concern?it is an economic emergency. We must defend democracy as a prerequisite for prosperity.

?Let West African leaders recommit to constitutional order?not as an abstract ideal, but as a practical requirement for growth. We cannot unlock trade while our region is locked in conflict,? Mahama was quoted as saying.

In January 2025, ECOWAS formally acknowledged the withdrawal of Niger, Mali, and Burkina Faso?now members of the Alliance of Sahel States?following tensions rooted in the 2023 Niger coup.

To this end, Mahama called for the creation of an ECOWAS Charter on Democratic Stability and Economic Development, linking good governance with access to regional investment support.

The president urged leaders to recommit to constitutional order as a practical foundation for development, rather than merely a political ideal.

Intra-ECOWAS Trade

Highlighting persistent challenges, he lamented that intra-ECOWAS trade still accounts for less than 10% of total regional trade, despite the region?s combined GDP exceeding $780 billion.

The president cited inefficiencies in infrastructure, bureaucracy, and currency conversion that continue to stifle regional trade.

?For far too long, our region has exported raw materials and imported poverty. We remain vulnerable to external shocks, at the mercy of international lenders, and overly reliant on foreign aid. This must change. There comes a moment in the life of a region when it must ask itself not what it has survived, but what it will become.

?The time has come not for cautious steps, but for courageous leaps. Our region collectively produces over $780 billion in GDP annually, making it the third-largest regional economy in Africa. Yet intra-ECOWAS trade accounts for barely 10% of our total trade, compared to over 60% in the EU and 50% in Asia.

?Why is it that a mango grown in Burkina Faso reaches Europe faster than it reaches Abidjan? Why must a Ghanaian fintech entrepreneur register in Delaware to raise capital from Lagos?? he asked.

?We are blessed with vast reserves of natural resources?bauxite, cocoa, gold, and arable land?yet we lack the integration to transform these blessings into sustainable wealth.

?The ECOWAS Trade Liberalisation Scheme has been in existence for 44 years, yet only 15% of ECOWAS companies benefit from it. Bureaucracy, multiple checkpoints, tariff delays, and fragmented standards choke the arteries of trade. Distinguished Ladies and Gentlemen, we must end the slow walk towards integration.

President Mahama proposed fast-tracking the ECOWAS Trade Scheme, creating a trade index, and a regional task force for accountability. He called for a $3.2bn push into digital infrastructure and green logistics, plus a West Africa Guarantee Facility to fund key routes.

He also insisted that the single currency must become a reality and proposed a West African Innovation Passport to help young entrepreneurs scale their businesses across the region.

?Africa Cannot Be Left Behind?

Meanwhile, host President Bola Tinubu called for an end to the region?s reliance on exporting raw materials, urging nations to develop local manufacturing and regional value chains instead.

?The era of warm pit to the port must end. We must turn our mineral wealth into domestic economic value, jobs, technology, and manufacturing,? Tinubu said.

The WAES summit, which precedes the 67th Ordinary Session of ECOWAS, was convened to deepen regional economic integration and drive trade and investment cooperation across West Africa.

The summit featured the participation of heads of state from Liberia, Senegal, Benin, Togo, The Gambia, Guinea-Bissau, and Sierra Leone, as well as ministers and stakeholders from regional economic institutions and the private sector.

President Tinubu also extended invitations to the Alliance of Sahel States and Mauritania, emphasising the region?s continued pursuit of inclusivity and reconciliation amid recent geopolitical fractures. (Channels TV)

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