ECOWAS unveils 5-year plan to rejuvenate peace fund

The Economic Community of West African States (ECOWAS) has unveiled an ambitious five-year strategic plan aimed at rejuvenating its Peace Fund, focusing on resource mobilisation and capacity development across the region. In an exclusive interview with CNBC Africa, Dieudonne Nikiema, Manager of the ECOWAS Peace Fund, shed light on the financing target for the Peace Fund and the scope of impact ECOWAS is looking to achieve. The target amount set for the Peace Fund over the next five years is an impressive 300 million US dollars. This substantial financial injection is crucial to support the promotion of peace and security in West Africa. Nikiema highlighted three key focus areas within the strategic plan. Firstly, there is a strong emphasis on strengthening the governance of the Peace Fund, ensuring that it is adequately equipped to fulfill its mandate. Secondly, efforts are being made to enhance the management team of the Peace Fund, thereby increasing operational efficiency. Lastly, a significant portion of the funding is expected to come from member states, with a target of 40% contribution towards the total goal. This financial support will be sourced through a community levy mechanism that is currently in place within ECOWAS. In addition to member states' contributions, ECOWAS aims to engage with strategic partners, including various institutions and donors who share the common goal of promoting peace and security in the region. The plan also involves seeking support from the private sector, as a peaceful environment is conducive to business growth. Nikiema stressed the importance of financial commitment in ensuring the success of peace initiatives, highlighting the various sources from which funding will be sourced. Amidst the current challenges faced by the region, including military takeovers and discussions about exits from the bloc, the ECOWAS Peace Fund is adapting its strategy to address these pressing issues. Nikiema clarified that the Peace Fund acts as a facilitator, mobilising resources to support peace and security efforts led by different stakeholders, ranging from ECOWAS leaders to civil society groups and grassroots organisations. By providing support rather than taking direct operational roles, the Peace Fund aims to foster agreements among stakeholders to promote peace as a shared asset that benefits all. A recent joint strategic consultation with partners demonstrated ECOWAS' commitment to assisting the region in achieving sustainable peace from the national to grassroots levels. The interview concluded with a reaffirmation of the commitment to peacebuilding in West Africa, underscoring the importance of collaborative efforts in ensuring stability and prosperity for all nations in the region.