Prof. Yemi Osinbajo Highlights Regional Cooperation at Ghana’s Executive Leadership Retreat

Prof. Yemi Osinbajo Highlights Regional Cooperation at Ghana’s Executive Leadership Retreat

Anthony Emeka Nwosu

Former Vice President of Nigeria, Prof. Yemi Osinbajo, has emphasized the importance of shared insights and cross-border collaboration among African leaders, following his participation in the Executive Leadership Retreat organized for Ghana’s new government in Ada.

Speaking after the high-level engagement, Prof. Osinbajo described the retreat as an inspiring and timely initiative aimed at strengthening governance and regional development through dialogue and experience-sharing among former and current African heads of state.

“Honoured to participate in the Executive Leadership Retreat of Ghana’s new government in Ada. The sessions underscored the power of shared insight and regional cooperation,” he stated.

The retreat featured keynote addresses and strategic sessions aimed at equipping Ghana’s leadership team with transformative governance tools. Among the notable presenters were Ghana’s former President, H.E. John Mahama, and Nigeria’s former President, Dr. Goodluck Jonathan, both of whom shared reflections on leadership, democratic governance, and the importance of regional unity in tackling Africa’s pressing challenges.

Prof. Osinbajo praised the depth of the discussions and the visionary approach adopted by Ghana’s leadership, expressing optimism about the long-term impact of the ideas exchanged.No alternative text description for this image

“Earlier in the day, we were treated to inspiring presentations by H.E. President John Mahama and Nigeria’s former President, H.E. Dr. Goodluck Jonathan—reminding us that effective governance is strengthened when leaders exchange ideas across borders,” he noted.

He further added that the outcomes of the retreat could serve as a catalyst for progress not only in Ghana but across the continent.

“I look forward to seeing how the strategies discussed here translate into tangible progress for Ghana and, indeed, for our wider African community.”

The Executive Leadership Retreat comes at a time when many African nations are seeking to deepen reforms, boost institutional efficiency, and build more responsive governments. With thought leaders like Prof. Osinbajo and other former presidents in attendance, the gathering highlighted the growing momentum behind inter-African cooperation as a driver for sustainable development.

Economic Community of West African States (ECOWAS) Investment Forum shows opportunities in West Africa

Economic Community of West African States (ECOWAS) Investment Forum shows opportunities in West Africa

The forum gathered leaders in government, finance and business from across the Economic Community of West African States (ECOWAS). They unpacked ways that investment can improve farming and food security across West Africa.

 

The ECOWAS Bank for Investment and Development (EBID) hosted the event in Lome, Togo, from 4 to 5 April.

Togo Prime Minister Victoire Tomegah Dogbé opened the forum, held under the theme ‘Transforming ECOWAS Communities in a Challenging Environment’.

She emphasized the need for a wide range of investment across human capital, energy, the digital economy, and infrastructure.

Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), spoke by video about how regional integration can strengthen investments.

Simon Tiemtore, President of Vista Group Holding, and Kanayo Awani, Executive Vice President of the African Export-Import Bank (Afreximbank) stressed the importance of collaborative efforts and innovative strategies to advance investment priorities.

Discussions during the forum addressed crucial topics such as food security, fortifying agricultural supply chains, and enhancing security in West Africa.

Panellists proposed strategies for tackling challenges in agriculture, underscoring the significance of cooperation and innovation for sustainable development.

They underscored major challenges around access to finance, which seriously affects small businesses, particularly for agribusinesses and young entrepreneurs. Among the solutions discussed were ways development finance institutions such as EBID could make facilitate access to loans.

This is one of the issues that the International Trade Centre (ITC) addresses with the ECOWAS Commission through the West Africa Competitiveness Programme (WACOMP).

WACOMP facilitated the participation of nine investment promotion agencies from West Africa. These agencies showcased investment projects in their countries. The delegates engaged with business leaders on investments in critical areas such as agriculture, infrastructure development, support to small businesses, energy and climate change.

Participants deliberated on concrete projects and investment opportunities, with a focus on fostering employment, financing infrastructure, and embracing climate-resilient energy solutions. Along with  ITC and the ECOWAS Commission, the delegation met with EBID management on how to strengthen collaboration to support the inflow of investment in the region.

Currency slump sees surge in demand for dollars assets in West Africa despite greenback’s ongoing strength (By Abiodun Adebimpe)

Currency slump sees surge in demand for dollars assets in West Africa despite greenback’s ongoing strength (By Abiodun Adebimpe)

The Russian-Ukraine war and the lingering impact of the COVID-19 pandemic have severely weakened West African economies and currencies – but businesses and investors are looking to dollar assets to mitigate the damage.

 

As most West African economies are commodity-driven, any development within the global economy that affects the supply and/or demand of commodities imports and exports portends significant currency weakening effects on the economies.

 

Recent and ongoing global events have created massive demand destruction in crude oil, agricultural products and precious metals such as gold. Supply chains are also still to recover.

 

As a result, most West African currencies such as the Nigerian Naira (NGN) and the Ghanaian Cedis (GHC) have significantly weakened.

 

It is a major source of concern – and an ongoing challenge- for most Nigerian businesses and those in other West African countries.

 

Fiscal and monetary imbalances compound the problem.

 

The import-dependent nature of most West African markets implies huge demand for foreign exchange to pay import bills. Due to declining external reserves, the Central Banks are not able to promptly and adequately meet these demands.

There is also massive fiscal debt overhang in most West African markets. One of the effects is the need to borrow from bilateral and multilateral global lenders who demand deliberate local currency weakening by the local authorities by adjusting their official exchange rates accordingly to fight the demand for foreign currencies. Weaker local currencies makes it more expensive, and less attractive to convert to hard currencies.

 

These factors together have conspired to weaken West African currencies, and the outlook remains negative in the short to medium term. The loss of confidence in the local currencies means that they are no longer considered a stable store of value.

The import-dependent nature of most West African markets implies huge demand for foreign exchange to pay import bills

 

But businesses and investors have responded to hedge themselves and protect the value of their earnings and holdings in fast depreciating local currencies.

 

Investments in dollar denominated securities such as Eurobonds, dollar and other hard currency equities, debt instruments in the form of government and corporate bonds, as well as interest bearing US treasury instruments have become the preferred holdings for investors. And demand is expected to grow.

 

But not holding local currencies has implications for the local economies.

 

It further increases the demand for foreign currencies and continues to create the arbitrage gap between official and unofficial forex markets which create further arbitrage pressure on the local currencies. This places further exchange rate pressure until the governments implement the right monetary and fiscal policies which enable the local currencies to better reflect economic fundamentals.

 

Most West African governments have started taking the right steps in this direction by adjusting their official exchange rates and in some cases borrowing in United States Dollars to shore up their external reserves though it may take some time to materialise.

 

The Nigerian naira in particular has remained under intense pressure since the closely watched election last month.

 

There is a risk the naira will continue to depreciate in the next few months because of the major difficulties in turning around through economic reforms in an economy of its size. The expectation of weaker crude oil and natural gas prices will likely continue to pressure the currency.

 

There is also the challenge of remittances flow to Nigeria: many companies are no longer supporting these transactions. Most importantly, tech investments which represented a significant increase in foreign direct investments (FDI) have all but reduced drastically.

 

As a result of turbulent economic conditions, businesses are increasingly turning to advisors with extensive global know-how for expert advice.

Since the launch of RMB’s direct custody services in Nigeria and Ghana in 2019 and 2021 respectively, we have been advising local and foreign fund managers, pension funds, broker-dealers and banks.

 

RMB is the leading provider for West African investors seeking to invest in foreign markets through our insightful global custody solutions. We also support inbound investors seeking selective portfolio investment opportunities in emerging and frontier markets across the continent of Africa.