Browsing: Central Bank of West African States (BCEAO)

The Economic Community of West African States (ECOWAS) boasts of some of Africa's largest economies with Nigeria oil economy leading the bloc. Photo/BusinessTrumpetNews

The Economic Community of West African States (ECOWAS) boasts of some of Africa's largest economies, but like many economies of the world, the 15 member states of ECOWAS are facing both endemic and global challenges that could undermine the region’s economic growth in in 2023.

While two years ago in 2020, before the global pandemic struck, a majority of ECOWAS countries were enjoying the commodity boom with the region’s three of its largest economies - Nigeria, Ghana, and Côte d’Ivoire - accounting for one-fourth of Africa’s GDP.

Unfortunately, short of a change in the global economic projection, it will be a challenge for these West African countries to replicate the pre-pandemic growth. The global economic forecast paints a depressed economy in2023 and at best sluggish growth for more diversified economies, spilling over from the after math of the pandemic, the ongoing Russia-Ukraine war and widespread inflation.  

A global analysis released