- Leaders from ECOWAS met in Accra, urging consistent national policies for better cross-border electricity trade.
- The forum recommended gradual market liberalisation and more investment to strengthen West Africa’s electricity sector.
Representatives across the ECOWAS region converged in Accra for the 9th ECOWAS Regional Electricity Regulatory (ERERA) forum. They united in their call for harmonised national policies to bolster cross-border electricity trade. The forum, held under the theme “Electricity Trade Security in the ECOWAS Region,” emphasised the critical need for aligned regulatory frameworks and enhanced institutional capacity to oversee regional electricity markets effectively.
Over two days of intensive deliberations, stakeholders, including regulators, operators, and government officials from ECOWAS member states, alongside organisations like the WAGPA and ECREEE, discussed pivotal sub-themes. These ranged from the application of free market principles in electricity trade to technological innovations and infrastructure development to bolster energy security.
The consensus on the benefits and challenges of implementing free market principles within the region was central to the discussions. Participants acknowledged that while such principles could potentially enhance competition and efficiency, it is important to focus on robust regulatory mechanisms to mitigate risks and ensure fair market practices.
The forum highlighted the necessity for phased market liberalisation, advocating for a structured approach that prioritises the establishment of strong regulatory and institutional frameworks. This phased approach aims to mitigate disruptions while paving the way for sustainable market integration through pilot programs and incremental reforms.
Furthermore, a resounding call was for regional strategies to fortify energy security. Recommendations included diversifying energy sources, establishing strategic reserves, and fostering cooperative emergency response mechanisms. Participants stressed the pivotal role of regional cooperation in augmenting overall electricity supply security across ECOWAS nations.
A notable outcome was the emphasis on attracting investment to the electricity sector. Participants advocated for developing financial instruments and incentives to stimulate public and private sector investments. Exploring blended finance opportunities was highlighted as a potential game-changer in accelerating sectoral growth and sustainability.
The forum concluded with a resolution urging member states to adopt and implement these recommendations swiftly. Key among these were efforts to enhance electricity trade security, promote economic growth, and improve access to reliable and affordable electricity throughout the region.
In closing, the forum served as a platform for knowledge exchange and a catalyst for unified action towards achieving the ultimate goal of a seamlessly integrated regional electricity market. With stakeholders committed to aligning national policies with regional objectives, the path forward looks promising for advancing energy security and economic prosperity across West Africa.