The president of the ECOWAS Bank for Investment and Development, George Agyekum Nana Donkor has stated that lack of jobs for millions of graduates from r West African countries is causing economic challenges in the region.
In a post on its X handle, Donkor raised the concern during the ECOWAS Investment Forum 2024 which took place in Lomé, Togo between April 4 and 5, 2024.
He said such development, among others, constitutes a part of the economic challenges facing the region but seized the moment to call for urgent solutions by relevant stakeholders.
At the maiden 2024 edition of the EIF tagged, Donkor maintained that West African governments must step up by investing resources to drive the future economy, explore agriculture and do away from unnecessary borrowing.
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“Our universities churn out millions of students every year, but there’s no job for them. There is a need to de-emphasize sovereign borrowing. We must pay attention to smart private sector borrowing. Infrastructure bonds are necessary – matching revenue with the borrowing cost.”
He noted that agricultural technologies are critical for food security, thus, the need to create markets for agricultural trade, development of storage facilities to store excesses produced to stabilize prices during the off-season.
“There is a need to develop financial instruments. Invest resources including resources that will drive the future economy, placing us in a position to negotiate from a position of strength.”
Donkor highlighted that agricultural technology is one of the key areas the Bank would support member states to address regional challenges.
