West African Insurance Companies Association (WAICA) in partnership with the Economic Community of West African States (ECOWAS) is set to create and establish an agency for the protection of foreign direct investment in the sub-region against the uncertainties of political and other related risks.
Speaking at the annual general meeting
of WAICA hosted in The Gambia by the Insurance Association of The Gambia (IAG) on
16 and 17 April, the secretary general and chief executive officer of WAICA,
William B. Coker, said the idea of establishing the agency, dubbed WAICA/ECOWAS
Investment Guarantee and Reinsurance Agency, is prompted by the fact that
safety and protection of investment is a major concern to all current and
potential stakeholders, especially investors, in West Africa.
“This venture is another vehicle that can be
used to facilitate regional economic integration, which is the aim of both
WAICA and ECOWAS,” Mr Coker said, adding that the agency is a private sector player
which will be run and managed as a commercial venture; “therefore the issue of
bureaucracy will not be there”.
The reinsurance aspect of the project
will be taken care of by WAICA Reinsurance Corporation, which is a new reinsurance
company set up by WAICA, Mr Coker disclosed.
When operational, the agency will give
potential investors worldwide the opportunity to invest in West Africa knowing
that they are protected against political uncertainties and other related risks
that might ruin their investment.
Analysts
say a major factor inhibiting the flow of foreign direct investment into the
ECOWAS region is the unstable political environment of its member states and
their very weak democratic governance structures.
Foreign
investment will however flow to the regions where risk can easily be mitigated,
returns are commensurate to risk and safety of capital can be guaranteed, which
is what the proposed agency is set to do.
New forms
of political risks have played up in the last decade to deter FDI to the region
the more. These risks range from corruption to communal unrest, disruption to
business operation, and unilateral investment policy changes by national
governments.
Therefore
establishment of the investment guarantee institution as a mitigating measure
will help bolster investor confidence on the safety of their investment capital
and in turn ensure better flow of FDI into the sub-region.
The Gambia is no longer a safe place for a holiday. As of the 26th August 2012, the president (who is known to be mentally unstable) has begun to shoot people indescriminately. There is also a real danger from islamic terrorism, and crime against tourists has sharply increased in the last two years.
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