Browsing: Economic Community of West African States (ECOWAS)

AfDB | fastest growing economies 2024

Africa dominates the world’s 20 fastest-growing economies in 2024

Countries
  • According to the African Development Bank’s Macroeconomic report, Africa will dominate the world’s 20 fastest growing economies 2024.
  • According to the report, the medium-term growth outlook for the continent’s five regions is slowly improving.
  • The report forecasts more substantial growth for Africa in 2024, outpacing the projected global average; the continent is the second-fastest-growing region after Asia.

Fastest Growing Economies 2024

The African Development Bank Group’s latest Macroeconomic Performance and Outlook (MEO) indicates real Gross Domestic Product (GDP) growth for the continecustom nfl football jerseys decathlon bmx luvme human hair wigs bouncing putty egg custom kings jersey dallas cowboys slippers mens johnny manziel jersey custom kings jersey custom youth hockey jerseys brock bowers jersey luvme human hair wigs black friday wig sale college football jerseys decathlon bmx uberlube luxury lubricant nt is expected to average 3.8 per cent and 4.2 per cent in 2024 and 2025, respectively. (https://unitedwepledge.org/…

Ecowas

The trade opportunities at risk as Niger, Mali, and Burkina Faso exit Ecowas

Industry and Trade
  • Landlocked Mali, Niger and Burkina Faso lack direct access to the sea, presenting unique challenges in their future economic relationships.
  • Nigeria’s imports from Niger have been on the rise, reaching $33.4 million in 2022 from $25.7 million in 2021.
  • Mali witnessed a substantial surge in exports to Nigeria, posting 246% increase to $17.4 million in 2022.

In a seemingly synchronized turn of events, the West African nations of Niger, Mali, and Burkina Faso have declared their exit from the Economic Community of West African States (Ecowas).

This move announced in a joint statement on Sunday by the junta leaders of the three landlocked Sahel nations, cited their “sovereign decision” to sever ties with Ecowas without delay.

The decision by Mali, Niger, and Burkina Faso to withdraw from the Ecowas raises concerns about potential lost opportunities in trade with Nigeria, the largest economy in Africa, as well as with other countries …

Morocco LGV High Speed TrainAl Boraq Fastest Train in Africa and 6th in the world.Image Source MWN

Renaissance: Rail networks transforming Africa

Investing

Over the past decade Africa has been rife with infrastructure developments that hitherto continue to steadily transform the continent, spurring the much-needed economic development. This is well aligned to aspiration 2 of Africa’s Agenda 2063, which advocates for ‘an integrated continent politically united based on the ideas of Pan Africanism and the vision of African Renaissance’ with the key priority area of developing world class infrastructure that crisscrosses Africa.

Inadequate infrastructure in Sub-Saharan Africa has remained an existential hurdle to the continent’s achievement of robust economic growth. According to a report by Deloitte, this status quo has reduced national economic growth by two percentage points every year, and cut business productivity by as much as 40 per cent. In reiteration, another report by McKinsey and Company highlights that Africa faces an infrastructure paradox, in that there is need and availability of funding together with a large pipeline of potential projects

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$379m from World Bank for data and statistics in West Africa

$379m from World Bank for data and statistics in West Africa

Investing

The World Bank gave $379 million to help balance and strengthen statistical systems in seven West African countries.

The seven countries include Cote d’Ivoire, Burkina Faso, Sierra Leone, Ghana, Cabo Verde, Togo and Liberia.

The project “Harmonizing and Improving Statistics in West Africa (HISWA)’ is funded by the International Development Association (IDA) credits and grants.

The project key objective is to strengthen the statistical systems of the participating countries, regional and sub-regional bodies, in order to help them balance, produce, distribute and enhance the use of core social and economic statistics.

With World Bank’s efforts to deepen regional integration in Africa, the funding will also support the Economic Community of West African States (ECOWAS) and the African Union (AU).

Also Read: Africa asks World Bank, EU and IMF for debt relief support

“High-quality and harmonised statistics are essential to support economic activity and regional integration as a way to address …

The growth of competition laws and enforcement in Africa

Africa

African competition law on the continent is the subject of notable growth. An increasing number of jurisdictions have adopted laws and regulations, established authorities, secured membership to regional antitrust regimes and ramped-up enforcement of suspected violations of prevailing competition laws at both domestic and regional levels.

Since 2018, domestic competition legislation has been enacted in Angola and Nigeria.  In Angola, these legislative developments have been bolstered by the establishment of the Angolan Competition Regulatory Authority, which recently became operational.  In Nigeria, the Federal Competition and Consumer Protection Act was signed into law in 2019, establishing the Competition Commission and Competition Tribunal to enforce the legislation.  Madagascar adopted a new law, which modifies certain aspects of its competition laws.  This is yet to be published in the official gazette, but also demonstrates an impending change (which is consistent with the general wave of development in relation to competition regimes on the …