The economic forecast for Anglophone West Africa is looking brighter according to the analysis by Ecobank’s research team in the newly published Anglophone West Africa section of its flagship financial website, AfricaFICC.
Nigeria, Africa’s largest economy, is at last moving out of recession, Ghana’s growth continues to be strong, and the region’s smaller countries are picking up as they shake off the lingering effects of the Ebola outbreak in 2013-16.
Anglophone West Africa, which stretches from the Gambia in the West to Nigeria in the East, is the second regional section of the website to go live.
It covers six countries – Ghana, Guinea, Liberia, Nigeria, Sierra Leone and The Gambia and encompasses the West African Monetary Zone (WAMZ), which draws together the mostly English-speaking countries of West Africa.
Data for the region shows that Nigeria accounts for an estimated 90% of regional GDP and exports (mostly crude oil).
The outlook for both Nigeria and Ghana, the second key member of the block, is good in 2018: Nigeria is improving oil production, Ghana is getting a boost from an expansionary 2018 government budget and rising energy production.
Guinea, Liberia and Sierra Leone are on the up as their recovery from the effects of Ebola gathers pace; and the positive political outlook in The Gambia is driving economic prospects.
Key factors in the region are:
Outside oil and gas, Anglophone West Africa is a major producer of soft commodities – cocoa, cashew nuts, natural rubber and wood – both for regional consumption and for export to world markets.
The region is an important exporter of hard minerals, including gold, diamonds, and manganese, iron and aluminium ores, with Ghana the leading gold producer.
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