West Africa Records 6.9% Economic Growth
West Africa achieved an impressive economic growth rate of 6.9 per cent in 2012, more than double the global rate and an increase over the 5.9 per cent recorded by the sub-region in the preceding year.
The President of the ECOWAS Commission, Kadré Désiré Ouédraogo said in a statement issued that the figures which compare favourably with the 5.3 per cent for sub-Saharan Africa and 4.5 per cent for Africa over the same period were driven mainly by good rainfall and positive developments in the mining and petroleum sectors.
The President who stated this hisin annual report to regional leaders at their just-ended 42nd Ordinary summit at Cote d?Ivoire’s administrative capital, Yamoussoukro noted that “In spite of the global slowdown, regional growth remained robust with a growth estimated at 6.9 per cent”.
Of the 15 ECOWAS countries, Sierra Leone recorded the highest economic growth rate of 18.3 per cent compared to forecasted rate of 8 per cent for Burkina Faso, Côte d’Ivoire, Ghana, Liberia and Niger, while Mali recorded a recession.