West African Economy Records 6.9% Growth In 2012 – ECOWAS

Ecowas

VENTURES AFRICA – The West African economy grew at a rate of 6.9 percent during the year 2012, an increase over the 5.9 percent in 2011, regional bloc ECOWAS announced March 1, 2013.

The achieved economic growth in the sub-region was more than double the global rate, according to a report delivered at the just-ended 42nd ECOWAS Summit in Ivory Coast.

“In spite of the global slow down, regional growth remained robust with a growth estimated at 6.9 percent,” President of the ECOWAS Commission, Kadré Désiré Ouédraogo said in his annual report to regional leaders at the just-ended 42nd ECOWAS Summit in Ivory Coast.

The report covers various aspects of ECOWAS’ activities and programmes for the year under review.

It says the figures, which compare favourably with the 5.3 percent for sub-Saharan Africa and 4.5% for Africa over the same period were driven mainly by “good rainfall and positive developments in the mining and petroleum sectors”.

According to ECOWAS, Sierra Leone recorded the highest economic growth rate in 2012 among the 15-member countries in the sub-region.

Of the 15 ECOWAS countries, Sierra Leone recorded the highest economic growth rate of 18.3% compared to expected rate of 8 percent for Burkina Faso, Ivory Coast, Ghana, Liberia and Niger, while Mali recorded a recession, the report indicated.

Mali’s recession was due to its political crises.