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18 Mar 2024 • Development

Exploring the economic and investment landscape in West Africa

The Economic Development Board participated in a panel discussion themed, “Investing in West Africa”, organized and hosted jointly by the Members Business Network (MBN) Mauritius and Platform Africa on Thursday 14th March at The Docks, Port Louis.

The event gathered around 60 representatives of the financial, business, and diplomatic communities from around the island, and was sponsored by M2A Business Consulting and AfrAsia Bank Ltd. The panel discussion provided an excellent platform to highlight the vast potential of West Africa for Mauritian businesses and investors. A wide range of investment opportunities in Ghana were also presented, from healthcare to energy and agriculture, and emphasis was placed on the importance of working out the right business model and structure to invest in the region.

Mr. Ganessen Chinnapen, Consultant for Africa at EDB underlined the positioning of Mauritius and the role it will continue to play as the bridge between Asia and Africa. He also announced that the Economic Development Board will host an Asia-Africa Investors Meet later this year, tentatively scheduled in September.

He also added that the volume of registered outbound investment in West Africa from Mauritius in 2023 amounted to USD 4 billion. Furthermore, he emphasized on the importance of Cote D’Ivoire, the leading country for investment interest from Mauritius in 2023, representing USD 1.6 billion in outbound investment in sectors such as agriculture, seafood and food essentials. Mr. Chinnapen noted that the Mauritian market players such as Terra Group and IBL had “created a genuine Mauritian footprint in Cote D’Ivoire ”, while Grit Group was also investing in real estate.

He further added that EDB has a pipeline of projects and interests from prospective investors to tap into the opportunities in West Africa with inbound investments into Mauritius, comprising around 12 sovereign funds which bears testimony of the importance and the credibility of the Mauritius IFC.

(From left to right) : H.E. Beryl Agyeiwaa Lomotey, Ganessen Chinnapen, John Félicité, Sheik Mahamoodally & Manisha Dookhony

The panel was moderated by Manisha Dookhony, Chairperson of MINDEX, who led the panel composed of Beryl Agyeiwaa Lomotey, Minister Counsellor/Head of Chancery, Consulate-General of the Republic of Ghana; Ganessen Chinnapen, Consultant for Africa at the Economic Development Board, John Félicité, Business Development Director Africa, Ocorian and Sheik Mahamoodally, Group Finance Director of Orezone Drilling.

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