Nigeria: ECOWAS' growth rate higher than Africa's in 2013

Abuja, Nigeria (PANA) - The West African regional economic community ECOWAS is projected to record an growth rate of 6.3% in 2013, which is higher than the average African growth rate of 4.8% in the same year, according to details of the achievements of ECOWAS in 2013, made available to PANA here Tuesday.

The 2013 growth rate is however less than the 6.6% recorded in 2012, while in 2014, the 15-member bloc is projected to record an impressive growth rate of 7.1%

At the member countries level, Sierra Leone is projected to record the highest growth rate of 14.6% in the region in 2013, while Cape Verde would have the lowest growth rate of 0.5%.

In addition, six member states (Burkina Faso, Nigeria, Ghana, Liberia, Côte d’Ivoire and Sierra Leone) will post higher growth rates than the projected 6.3% growth rate for the year (2013).

According to the information provided by the regional bloc, the sources of growth will be increase in gas production, oil and various minerals as well as improvement in agricultural production.

PANA reports, however, that in terms of macroeconomic convergence, ECOWAS member states still find it difficult to meet the convergence criteria, as enshrined in the ECOWAS Macroeconomic Stability and Convergence Pact, on a sustained basis in particular those relating to public finance.

The Convergence Council (ECOWAS Ministers of Finance and Governors of Central Banks) adopted on 6 Sept. 2013 in Abidjan, Cote d'Ivoire, the ECOWAS Macroeconomic Convergence Report for year 2012, which stressed the need to increase the rate of tax revenue-GDP ratio (tax yield) and control current expenditure in order to help reduce the budget deficit, ensure a continuous decline in the ratio of wage bill-tax revenue ratio and increase mobilisation of domestic resources for public

Regional institutions (ECOWAS Commission, UEMOA Commission, EBID, WAMA and WAMI) in collaboration with the member states, have intensified their efforts to ensure macroeconomic stability and effective harmonization of economic and financial policies.
-0- PANA SEG 7Jan2013

07 january 2014 14:34:20

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