West Africa experienced slower economic growth in 2023, except for Cape Verde, The Gambia, Guinea, Mali, and Niger, said African Development Bank (AfDB).
The bank disclosed this in its 2023 West Africa Economic Outlook report, which was released in Abuja, yesterday.

News Agency of Nigeria (NAN) reports that the outlook is entitled, ‘Mobilising Private Sector Financing for Climate and Green Growth in West Africa’.

According to the bank, the report assessed economic performance of 15 West African countries: Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

“The report provides key economic trends in 2022 as well as medium-term (2023-2024) economic forecasts for the region. It also evaluates strategies to accelerate the mobilisation of private sector financing for climate and green growth in West Africa,” AfDB said.

According to the report, West Africa’s average Gross Domestic Product (GDP) decelerated to 3.8 per cent in 2022 from 4.4 per cent in 2021. The implication, it said, implied that growth recovery from the 2020 downturn had slowed.

It attributed the decelerating growth to successive shocks, such as the resurgence of COVID-19 in China, a major trade partner for the region’s countries.
It said Russia’s invasion of Ukraine had also spurred inflationary pressures on the cost of food, fuel and fertiliser in many West Africa region countries.

The report further revealed that advanced economies had also tightened monetary policy, which had heightened aversion to risk globally and increased exchange rate pressures.

According to the report, the region’s GDP growth outlook is positive, and projected to pick up slightly, hitting 3.9 per cent in 2023 and 4.2 per cent in 2024.

It, however, said transition to green growth would require greater resources.The report said adapting to climate change and depletion of the region’s natural resources presented an opening for businesses and governments to embrace sustainable green growth.

According to the report, West Africa has enormous potential to achieve green growth; green industrialisation being the most obvious pathway. It said the rationale for green growth across the region is quite comprehensive.