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
A first and a second blog post on the theme of “Industrialization in West Africa” took stock of industrial development in West Africa and presented some of the strategies that could boost industrialization in the region. While all the mentioned strategies are relevant, provided they are adequately implemented, this post has a focus on the regional value chains (RVCs) strategy, and will highlight the benefits from this model.
In previous blog posts, I wrote about the revenues that are likely to materialise from new projects coming online in West Africa; the macroeconomic choices to ensure that these revenues do not have negative macroeconomic impacts and are enjoyed by future generations; and how those revenues can help to bridge the funding gap in health and education.
My previous posts discussed how much revenues West African countries can expect from new discoveries of extractive resources, and what are the choices facing policymakers in utilising these revenues. In this piece, I will try to focus on how these revenues can be used specifically for investments in health, education skills and other tangible development outcomes. What can really been achieved, and how?
My previous blog gave a sense of the estimated likely magnitude and timing for revenues from new natural resources in Ghana, Sierra Leone and Liberia. Figures suggest that over the next 30 years, these new revenues would provide some extra room for spending to governments: over 20% on top of existing revenues in Liberia and Sierra Leone, and around 15% extra for Ghana.
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