Business
ECOWAS Appoints Billionaire Dangote to Lead ECOWAS Push For Intra-Regional Trade
In a decisive move to harness the power of its own private sector, the Economic Community of West African States (ECOWAS) has appointed Nigerian industrialist Aliko Dangote as the pioneer Chairman of its newly formed Business Council (EBC).
The announcement, made by ECOWAS President Dr. Omar Touray at the 95th Council of Ministers meeting in Abuja, places one of the continent’s most formidable business minds at the helm of a body designed to reshape West Africa’s economic destiny.
Touray stated that Dangote’s appointment was rooted in his “vast business experience,” which stretches across the ECOWAS sub-region and the entire African continent. This experience, leaders hope, will be the catalyst for a new era of regional investment.
“This appetite for intra-regional investment underscores the need to mobilise capital within our region to build our community, rather than wait for precarious foreign investments,” President Touray told the gathering.
The EBC is established as an independent platform to empower the private sector, boost sub-regional trade, foster investment, and drive economic integration. Its core mandate is to bridge the long-standing gap between business leaders and policymakers.
What the Subregion Stands to Gain
Analysts see Dangote’s leadership as more than a symbolic gesture. It is a practical strategy with tangible potential benefits for the 15-nation bloc:
- Mobilizing “Patriotic Capital”: Dangote’s proven track record of deploying billions within Africa—from his mega-refinery in Nigeria to cement plants across the continent—provides a blueprint. The council can incentivize regional giants and mid-sized firms to invest their capital within West Africa, reducing reliance on fluctuating foreign investment. As Touray noted, this follows momentum from recent investment forums in Senegal, Nigeria, and Côte d’Ivoire.
- Solving Regional Problems with Industrial Scale: The Dangote Group has tackled fundamental infrastructure gaps, notably in energy and construction materials. Under his guidance, the EBC can prioritize large-scale, cross-border projects that address common bottlenecks—such as energy grids, transport corridors, and agricultural processing plants—that single governments struggle to finance alone.
- A Powerful Voice for Business Reforms: Dangote’s stature commands attention. His council can directly advocate for the removal of the bureaucratic and protectionist barriers that have long stifled intra-ECOWAS trade. This includes simplifying customs procedures, harmonizing standards, and fighting the non-tariff barriers that make trading across West African borders notoriously difficult and expensive.
- Creating a Ripple Effect of Success: The council is expected to facilitate dialogue and partnerships among private players, governments, and ECOWAS institutions. A successful, high-profile project led by regional investors can create a “demonstration effect,” building confidence and attracting further local capital into sectors like manufacturing, agro-processing, and technology.
“I am confident that with the kind of investments we have seen from the likes of Alhaji Dangote, our regional private sector actors can lead the way in the development of our Community, if given the right incentives and opportunity,” President Touray asserted.
The appointment signals a clear philosophical shift: after decades of looking outward for development solutions, ECOWAS is now strategically turning inward, betting on its own entrepreneurial genius to build a more integrated and self-sufficient economic powerhouse.
Business
Ghana Nears Approval of Cannabis Licences as Country Prepares to Launch Regulated Industry
Accra, Ghana – Ghana’s Narcotics Control Commission (NACOC) is in the final stages of reviewing applications for cannabis licences, with successful applicants expected to receive approval to begin operations soon, marking a significant milestone in the country’s efforts to develop a legal and regulated cannabis sector.
Deputy Director-General for Enforcement, Control, and Elimination, Alexander Twum-Barimah, disclosed this while speaking at the Kwahu Business Forum on Saturday.
He emphasised that the review process has been “thorough and deliberate” to ensure that only applicants who fully meet all legal, regulatory, and security requirements are granted licences. NACOC officials engaged with potential investors at the forum’s exhibition stand, providing details on various licence categories, including cultivation, processing, distribution, and export.
Mr Twum-Barimah stressed that the commission is committed to building a properly regulated industry that creates legitimate economic opportunities while maintaining strict controls to prevent misuse and illegal activities.
“The goal is to strike a balance between enabling economic development and safeguarding public health and security,” he said.
All licence holders will be subject to ongoing monitoring and compliance checks.
The development signals Ghana’s intention to harness the economic potential of cannabis through job creation, investment, and export revenue, while aligning with international best practices in regulation. Further updates on the licensing process are expected in the coming weeks.
Business
3 Things Ghana is Doing to Reduce Fuel Prices Amid Global Uncertainty
Accra, Ghana – As global oil prices continue to surge due to the ongoing Middle East conflict, the Ghanaian government has announced immediate and practical measures aimed at cushioning citizens from the impact of rising fuel costs.
Following an emergency Cabinet session chaired by President John Dramani Mahama, the government outlined three key interventions focused on direct price relief, affordable public transportation, and cutting unnecessary government expenditure on fuel.
Here are the 3 major steps Ghana is taking:
1. Suspension of Selected Taxes and Margins on Fuel
Ministers of Finance and Energy have been directed to suspend certain taxes and margins in the next fuel pricing window. This temporary reduction, which will last for four weeks (subject to review based on developments in the Middle East and global crude prices), is expected to ease the burden on consumers and transporters.
2. Massive Expansion of Affordable Metro Mass Transit Buses
The Minister for Transport has been tasked with fast-tracking the deployment of 100 newly acquired Metro Mass Transit buses onto high-traffic routes across the country. These state-owned buses will maintain significantly lower fares compared to private operators, offering citizens a cheaper and more reliable alternative for daily commuting.
3. Strict Enforcement of Ban on Fuel Allocations for Government Officials
All Ministers and senior government appointees have been reminded to strictly comply with President Mahama’s earlier directive cancelling fuel allocations and allowances. This move is aimed at reducing government expenditure on fuel and demonstrating leadership in belt-tightening during these challenging times.
These interventions form part of the government’s broader strategy to protect the economy and citizens from external shocks while hoping for de-escalation in the Middle East conflict.
Business
Upcoming Super El Niño Threatens to Worsen Global Food Crisis Amid Iran Conflict
Climate scientists and food security experts are warning that a powerful “super El Niño” expected later in 2026 could significantly intensify global food price pressures already heightened by the ongoing Middle East conflict involving Iran.
According to US meteorologists, there is roughly a one-in-three chance of a strong El Niño forming between October and December, while European models suggest an even higher probability of an exceptionally strong event.
A “super El Niño” occurs when sea surface temperatures in the eastern Pacific rise at least 2°C above normal. This phenomenon typically triggers extreme weather patterns, including severe droughts in key agricultural regions, which can sharply reduce crop yields for commodities such as cocoa, rice, sugar, food oils, coffee, bananas, and soy.
The timing is particularly concerning because the Iran conflict has already disrupted global fertilizer supplies and shipping routes through the Strait of Hormuz, driving up costs for fuel and agricultural inputs. Analysts say the combination of war-induced supply shocks and El Niño-driven weather extremes could create a “double squeeze” on food production and prices. The United Nations World Food Program has cautioned that prolonged conflict and elevated oil prices could push the number of acutely food-insecure people globally significantly higher.
Dawid Heyl of Ninety One noted that while the Russia-Ukraine war affected food markets, the current situation is more worrying due to its direct impact on fertilizer production and availability.
He warned that overlapping negative factors — geopolitical disruption and strong El Niño conditions — could prove especially damaging for vulnerable countries in Africa, India, Australia, Brazil, and Argentina.
Experts state that long-term resilience will require greater investment in climate adaptation, diversified supply chains, and international cooperation to protect global food security as geopolitical and climate risks increasingly intersect.
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