Approximately $300 million is needed over the next five years to initiate programmes aimed at building peace in the West Africa sub-region.
This is the exact sum that the Economic Community of West African States (ECOWAS) Peace Fund needs to generate to be able to implement its peace initiatives for the region.
ECOWAS has already put in place a five year Peace Fund (EPF) strategic plan, covering the period of 2021 to 2025.
Consequently, EPF organised a meeting with partners and other stakeholders in Abuja to fashion a wayforward.
According to the bloc, the practical implementation of the ECOWAS Peace Fund strategic plan would require a significant amount of resources (financial, technical, and human) but will also generate funds that will enable the EPF to be self-funded, not requiring financial resources from the commission for its operation.
Since its operationalisation in 2006, the EPF management team has been engaged in three sets of activities, mobilisation of financial resources for the fund, administrative and financial management of the fund and coordination of donor-funded projects in the peace and security sector.
Thus, as part of its resource mobilisation efforts, the team has actively contributed to the mobilisation of cash funding of over $1 million from four bilateral donors (China, Greece, Italy and Japan) and projects/programmes funding of €68 million from multilateral partners (AfDB, CIDA and European Union.)
The team has between 2006 and 2020 facilitated the funding of 40 peace and security initiatives costing $15.7 million under the 5% member states community levy contribution budget line and supported funding of Peace Support Operations (POS) in 11 member states.
Approximately, $49 million has so far been spent, especially for peace keeping efforts in Guinea Bissau and The Gambian, both totalling $38 million.
The team has coordinated 13 donor-funded projects and programmes, of which two are ongoing.
Speaking at a joint Strategic Consultation on ECOWAS Peace Fund meeting with partners and stakeholders, the Manager, ECOWAS Peace Fund and Capacity Department of Political Affairs, Peace & Security (PAP), Dieudonne Nikiema said ECOWAS Commission is to see the best structure for the fund that would make it fit into the purpose it was created for.
He said: “The purpose of this meeting that is gathering us for three days is to get all the stakeholders so that together they can see what is the best structure we can have for this forum in order for it to be fit for purpose, in order for it to become very strong, enable to mobilise more resources and also to manage resources for the well-being of the ECOWAS communities along all the 15 member countries.
“We have here representatives from ECOWAS Commission, from ECOWAS Specialised Agencies, from development partners, and it is really a good time for us to reflect together and see how we can cross-fertilize our ideas to make it very strong and to respond to the needs of our different communities.”
He added that the current source of funding apart from partners is the 5% community levy which has its challenges.
He equally explained that: “According to the process that has been set in place, the arrangement is that 5% of whatever is collected as community levy is dedicated to the Peace Fund, that’s it.
“So when the community levy is getting more resources, then the Peace Fund is getting more resources.“
ECOWAS Director in Charge of the Private sector, Dr. Tony Elumelu said the private sector would be interested in anything that would help improve the ease of doing business in the country, knowing fully well that businesses thrive in a peaceful environment.
Speaking on private sector participation in EPF, Emelelu said “it is to assist the ECOWAS fund in terms of implementing the ECOWAS program that will move towards peace and security and stability in the region.”
He stressed that “the private sector will always go to where there will be something for them. Whether you like it or not, there’s no free lunch for the private sector.
“They always go where there’s peace, an enabling environment for investment to thrive.
“So we’re looking at a way where we can collaborate with the Peace Fund to make sure that the vision in terms of economic development, that will make sure that our youth are fully engaged.”
He further explained that: “For the private sector, understanding the objective of the peace fund is very important. Risks that are involved in terms of the investment is also very important. Managing the fund and participation from the private sector angle is also very important.
“It must be participatory. I’m sure you know that when the private sector is involved, elements that are supposed to be put in place, they go smoothly.
“So from the private sector angle, awareness is the first thing. Objective, the goals, the targets. And the targets will also be focused on creating an enabling environment for business to thrive within the region.
“Investment, whether foreign direct investment or traditional trade, mobility. I’m sure you know it within the context of the continental free movement and trade. It is very important for us to drive this process.
“So that’s exactly what we are doing here. Internal consultation and external consultation in terms of a Peace Fund. How to bring in funds, how to bring trust, because trust is the main thing.
“Prioritising because the business may want to prioritise. If the Peace Fund will create an enabling environment for its business to thrive, that is what they want. And that’s why we’re coming in as a private sector.”
Michael Olugbode
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