Anglophone West Africa’s brightening economic prospects

The economic forecast for Anglophone West Africa is looking brighter according to analysis by Ecobank’s research team in the newly published Anglophone West Africa section of its flagship financial website.
8 months ago

LOME, Togo, April 20, 2018/APO Group

The economic forecast for Anglophone West Africa is looking brighter according to analysis by Ecobank’s research team in the newly published Anglophone West Africa section of its flagship financial website, Africa FICC. Nigeria, Africa’s largest economy, is at last moving out of recession, Ghana’s growth continues to be strong, and the region’s smaller countries are picking up as they shake off the lingering effects of the Ebola outbreak in 2013-16.

Anglophone West Africa, which stretches from Gambia in the West to Nigeria in the East, is the second regional section of the website to go live. It covers six countries, Ghana, Guinea, Liberia, Nigeria, Sierra Leone and The Gambia, and encompasses the West African Monetary Zone (WAMZ), which draws together the mostly English-speaking countries of West Africa.

Data for the region shows that Nigeria accounts for an estimated 90% of regional GDP and exports (mostly crude oil). The outlook for both Nigeria and Ghana, the second key member of the block, is good in 2018: Nigeria is improving oil production, Ghana is getting a boost from an expansionary 2018 government budget and rising energy production; Guinea, Liberia and Sierra Leone are on the up as their recovery from the effects of Ebola gathers pace; and the positive political outlook in The Gambia is driving economic prospects.

Key factors in the region are:

  • Outside oil and gas, Anglophone West Africa is a major producer of soft commodities, cocoa, cashew nuts, natural rubber and wood, both for regional consumption and for export to world markets.
  • The region is an important exporter of hard minerals, including gold, diamonds, and manganese, iron and aluminium ores, with Ghana the leading gold producer.
  • The region is also a financial hub, having an estimated 39% of Middle Africa’s banking assets in 2015 (mostly in Nigeria). Nigeria and Ghana host two of the largest stock exchanges in Africa, in Lagos and Accra, respectively.
  • Nigeria has developed the world’s largest sugar refining complex in Lagos, and has successfully phased out imports of packaged and refined sugar.

Source: Ecobank

Illustration Photo: Harvesting cocoa. Farmer Kofi Saara (right) and Mrs Saara, Homaho community, Assin district Ghana. (credits: Ecosystem Services for Poverty Alleviation / Flickr Creative Commons Attribution-NonCommercial 2.0 Generic (CC BY-NC 2.0))

Smart International Consulting manages several international investment projects in West Africa in the field of agriculture, agricultural industry, renewable energy and special economic zone. Our consulting firm provides supporting services to help international groups managed successfully their investment projects in Africa from the beginning until the complete achievement.

For further information, please contact Smart International Consulting

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