Ghanaian small business expert, Kwaku Ofori, has shared his perspective on the Economic Community of West African States (ECOWAS) Protocol and its influence on the growth of small businesses in West Africa.
Mr. Ofori highlights the transformative potential of the protocol’s focus on free movement of people and goods, which he believes could be a game-changer for Small and Medium Enterprises (SMEs) in the region.
In his recent analysis, he not only evaluates the opportunities but also sheds light on the practical challenges faced by small businesses in harnessing these benefits. With the protocol designed to simplify cross-border trade and enhance mobility, it presents a chance to create a more cohesive and flourishing economic environment in West Africa.
Mr. Ofori stresses that small businesses stand to gain significantly by utilizing the protocol to enter new markets, tap into a more diverse customer base, and streamline supply chains. This, in turn, could lead to greater competitiveness and accelerated growth. He also notes that businesses could benefit from improved access to regional resources, facilitating collaboration between countries and industries.
However, he is quick to point out the hurdles that remain. Beyond bureaucratic red tape, he draws attention to poor infrastructure, inconsistent regulatory frameworks, and ongoing concerns around security, all of which could limit the effectiveness of the protocol. He emphasizes that without addressing these foundational issues, the full potential of the protocol for SMEs may not be realized.
He advocates for a more strategic approach, urging both national governments and ECOWAS to adopt policies that directly support small businesses. “To truly unlock the benefits of cross-border trade and investment, there must be greater emphasis on creating a business-friendly ecosystem with stronger collaboration between nations,” he advises.
Moreover, his insights extend beyond the immediate economic gains. He argues that the protocol could also foster innovation, encourage knowledge-sharing, and promote sustainable practices among SMEs, which are key to long-term regional stability. According to him, it is crucial that the framework empowers not only businesses but also the communities they serve.
In illustrating the potential impact of the ECOWAS protocol, Kwaku offers the example of a micro-manufacturer based in Ghana. “A small garment manufacturer in Accra, for instance, could leverage the ECOWAS free movement policy to seamlessly enter the vast Nigerian market. By establishing distribution partnerships in Lagos and Abuja, the manufacturer could reach millions of new customers without facing restrictive trade barriers. With access to cheaper materials from neighboring countries like Côte d’Ivoire and Burkina Faso, the manufacturer can also reduce production costs, thereby boosting profit margins while expanding into the rest of the subregion.”
His comprehensive analysis has generated considerable discussion among industry leaders and policymakers, with many looking to his recommendations as a roadmap for future developments in West African economic integration. His influence continues to shape both policy debates and business strategies across the region.
In the broader context, he underscores the vital role that small businesses play in fueling economic development. He contends that SMEs are essential to driving employment, innovation, and social equity in West Africa, and as such, should be at the heart of the region’s economic strategies.
For over 15 years, Mr. Ofori has been a pivotal figure in the development and financing of small businesses in West Africa. His work has significantly shaped access to microcredit, improved risk management frameworks, and promoted value chain enhancement for SMEs across the region. Recognized as one of the most sought-after experts in the field, Kwaku’s insights and guidance have played an instrumental role in fostering the growth and sustainability of small businesses throughout West Africa.
