Economy

  • SWAC: 
    Body: 
    West African governments have received some USD 18.2 billion in Chinese loans since 2000. The amount of loans has progressively increased and reached, on average, about USD 2 billion per year over the past five years. Nigeria is the top recipient of Chinese loans in West Africa, followed by Ghana, Côte d’Ivoire and Senegal. This is nearly ten times less than the Chinese loans to Angola and less than half of the loans to Ethiopia or Kenya. Read on
  • Body: 
    China announced USD 60 billion in additional financing to support Africa’s development at the 3rd Forum for Africa-China Co-operation (FOCAC) Summit, which was held in Beijing on 3-4 September. The biggest Africa event in China brought together leaders from nearly all African countries (except Swaziland), Chinese officials and representatives from the African Union Commission. The Beijing Declaration outlined a new commitment called, “Toward an even stronger China-Africa community with a shared future.” The declaration is supported by a 2019-21 action plan. Burkina Faso and Gambia joined the forum as new members. Read on
  • Body: 
    Business and migration were the key topics of German Chancellor Angela Merkel’s three-day tour of West Africa from 29-31 August. Merkel was accompanied by a high-level business delegation to promote business ties and private sector investment, in line with the objectives of the G20 Compact with Africa that was initiated in June 2017. Read on
  • Members: 
    Body: 
    The Togolese capital hosted a series of important events for West Africa’s regional organisations. UEMOA leaders met on 30 July 2018 for the 20th Ordinary Session of Heads of State and Government. Just after the UEMOA summit, ECOWAS leaders gathered for their 53rd Ordinary Session of Heads of State and Government. President Muhammadu Buhari of Nigeria was nominated as new ECOWAS chairperson. The joint ECOWAS-ECCAS summit was held on 30 July and focused on the security situation in West and Central Africa. Heads of state adopted the Lomé Declaration to collaborate on peace, security and the fight against terrorism and violent extremism in the ECOWAS-ECCWAS space. Read on
  • Country: 
    Body: 
    Mauritania hosted the 31st Summit of the African Union in its capital city Nouakchott from 25 June-2 July. The African Continental Free Trade Area (AfCFTA) was at the heart of discussions. African leaders also approved the creation of the African Union Development Agency (AUDA) as a technical body of the African Union, which will have its own legal entity. Read on
  • Opinion: 
    Body: 
    Bio Soulé, a Rural Hub programme officer, explores the obstacles that prevent the promise of cross-border trade from fully catalysing the region’s growth and development in this article for the Bridges Africa series. “If radical reforms are not carried out in these countries, the African market could become easy prey for multinationals and counterfeit traders, who have the capacity to flood it with products of all kinds,” exhorts Soulé. Read on
  • Members: 
    Body: 
    Since 2004, it has become routine for ECOWAS and UEMOA leaders to meet twice a year to discuss synergies and co-operation priorities. However, the 17th meeting, held on 4 June 2018 in Abuja, was the first one with the new ECOWAS Commission President Jean-Marcel Brou and UEMOA Commission President Abdallah Boureima. They discussed progress that has been made in various areas of co-operation, notably in the fields of agriculture, education, infrastructure and fiscal policies and in the harmonisation of the institutions’ legal frameworks. Read on
  • Body: 
    Some 3 000 development partners gathered from 21-25 May at the 53rd annual meetings of the African Development Bank (AfDB) in Busan, Korea. “Accelerating Africa’s Industrialization,” one of AfDB’s five priority areas, was the official theme of the event. What’s in it for West Africa? Read on
  • Country: 
    Topics: 
    Body: 
    According to the COFACE economic forecast, Benin’s economic prospects are good. Its economy is expected to grow by 5.6% in 2018, thanks to its improved agricultural performance and Nigeria’s economic recovery. Informal trade continues to occupy a predominate position, with transit trade and re-export trade to Nigeria representing 20% of the GDP. Read on
  • Topics: 
    Body: 
    The average growth rate in sub-Saharan Africa is projected to rise from 2.8% in 2017 to 3.4% in 2018. While Nigeria’s giant economy is slowly recovering from the period of low oil prices, Benin, Burkina Faso, Côte d’Ivoire, Ghana and Senegal were among the West African economies with a solid growth rate of 6% or more in 2017. Read on

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