The 2019 Annual Meetings of the African Development Bank Group will be held from 11-14 June 2019, in Malabo, Republic of Equatorial Guinea. Find out more
Measuring the pulse of Economic Transformation in West Africa
West Africa is at the heart of Africa’s transformation. With a projected growth rate of 7.4 per cent in 2014, it is the fastest growing region in the continent. As many of its countries undergo a strong stabilization, emerge from conflict, or even rise to middle income status, the region begins to reap the fruits of its regional and global integration. A global demand for expert opinions and analysis is rising rapidly. Read More
Several policy-makers have cautioned African countries to carefully learn lessons from the Greek debt crisis. Given the importance of debt sustainability to supporting economic growth in Africa and elsewhere, this article is the second in a series of blog entries aimed at promoting debate and distilling the key lessons of the Greek crisis that are applicable in West African countries.
Extractive resources come with a heavy baggage and very high expectations – if history shows that abundance of natural resources does not necessarily improve a country’s citizens lives, announcements of new mineral riches often unleashes expectations of immediate gains for citizens. This is very much the dynamics triggered when, at the peak of the commodity prices cycle, new discoveries in a number of West African countries promised to deliver a game-changing boost to their economies.
Migrant remittances, namely the money migrants send to their countries of origin from their host countries, are increasingly significant for West Africa.
Whereas tourism is acknowledged as a driver of socio-economic development and growth in Africa, as evidenced in the last African Tourism Monitor, the 2015 edition of the annual report on competitiveness in travel and tourism, released in early May by the World Economic Forum (WEF), points out that West Africa lags behind when it comes to the travel sector. The ten West African countries assessed in the report all appear in the bottom half of the ranking. Cabo Verde, the top-ranked country from the region, ranks 86th out of 141. Guinea recorded the lowest score at 140th, securing the penultimate position in the overall ranking. The eight remaining West African countries are in the bottom quarter, among the least globally competitive countries in terms of tourism
A recent post discussed highlights from the African Economic Outlook 2015 (AEO) report, indicating a difficult scenario for the West African Region, but also some encouraging signs. Indeed, against all odds, the region has demonstrated a palpable dynamism.