ECOWAS Parliament Advocates Reforms for MSME Growth

The ECOWAS Parliament has urged for immediate policy reforms to unlock the growth potential of Micro, Small and Medium Enterprises (MSMEs) in West Africa. This call was made during a joint committee meeting on Monday in Cotonou, Republic of Benin.

Hon. Alhagie Darbo, Co-Chairperson of the Joint Committee on Industry and Private Sector, highlighted that MSMEs are essential to local economies, generating employment and promoting entrepreneurship.

However, he noted that a significant portion of these enterprises operates informally, limiting their access to finance and markets. The informal sector accounts for nearly 90% of economic activities in the region and employs at least 60% of the labor force.

Darbo emphasized the need for enabling policies to facilitate the formalization of MSMEs, linking this effort to the implementation of ECOWAS Vision 2050. He called for practical recommendations to improve access to finance, enhance digital transformation, and promote MSMEs' participation in regional value chains.

The meeting was opened by Hon. Hadja Memounatou Ibrahima, represented by Hon.

Adjaratou Traore Coulibaly.