The First Economic Community of West African States (ECOWAS) Industrial Summit, which aims to accelerate industrialization and private sector development in West Africa, has taken place in Accra.

The theme for the summit was “Promoting investment to accelerate the industrialization of the West African sub-region”.

In an address delivered on his behalf at the opening of the meeting on 21 July 2016, the President, John Dramani Mahama, expressed optimism that the four thematic areas of the West African Common Industrial Policy (WACIP), namely Agro-Industry, Pharmaceuticals, Automotive and Textiles, and Garments, would impact positively on the social and environmental dimensions of industrialization as well as on the creation of quality jobs for the youth.

The President of the Association of Ghana Industries (AGI), James Asare-Adjei,  in a statement, noted  that intra-regional trade among ECOWAS states had not been encouraging enough, citing 46%, 8% and 6% of Ghana’s exports to the European Union, Chinese and ECOWAS markets respectively.

Mr Asare-Adjei underscored the importance of technology, skills and efficiency to industrial development and modern business.

He said peace and security were equally necessary for attracting investment and development, and urged political parties and their leaders not to disturb the prevailing peace in the country.

In a welcome address, the Minister for Trade and Industry, Dr Ekwow Spio-Garbrah, noted that in the past few years, industrial policy had experienced a revitalization and  re-emerged as a core component of development strategies in Africa, as envisaged in WACIP.

Dr Spio-Garbrah, therefore, urged African governments to effectively promote the transformation of their economies with strategic tailor-made industrial policies that delivered inclusive and sustainable industrial development.

He expressed the hope that the first ECOWAS Industrial Summit would create a platform for dialogue and networking, against the backdrop of WACIP, and also provide an environment for deep thought as well as a solution-based discourse as it brought together all key players in the industrialization sector.

He urged all participants to engage in a purposeful discussion that would bring realistic solutions to the industrial sector challenges.