Categories: Economy

West African Economic and Monetary Union Poised for Rapid Economic Expansion Amidst Recovery from Ukraine Crisis

President Mohamed Bazoum of Niger, who also serves as the head of the West African Economic and Monetary Union (WAEMU) heads of state conference, has announced that the eight-member union is set to experience a significant economic expansion this year.

With many countries recovering from the shockwaves of Russia’s invasion of Ukraine, Gross Domestic Product (GDP) growth is projected to accelerate to an impressive 7%, surpassing the 5.9% growth recorded in 2022.

The West African Economic and Monetary Union comprises Benin, Burkina Faso, Ivory Coast, Guinea Bissau, Mali, Niger, Senegal, and Togo. These nations faced a dual blow to their economies as the impact of the Covid-19 pandemic was compounded by higher commodity prices and disruptions to supply chains caused by the war in Ukraine.

However, the region’s resilience is evident as several countries are poised to witness substantial economic recovery in 2023.

According to data from the International Monetary Fund, Burkina Faso is expected to experience a growth rate of 4.9% this year, a significant jump from 2.5% in the previous year.

Guinea-Bissau is projected to achieve a growth rate of 4.5%, up from 3.5%, while Senegal, boasting the fastest growth rate in Sub-Saharan Africa, is set to soar to 8.3% from 4.7%.

President Bazoum also stated that inflation in the region is expected to quicken to 4.4% in 2023, up from 3% in 2022.

He also announced that the sanctions imposed on Mali, which had hindered its participation in regional institutions, have been lifted, further contributing to the positive trajectory of the West African Economic and Monetary Union.

The outlook for the union is promising, as these nations continue to make significant strides towards economic recovery and growth. With a concerted effort to overcome the challenges posed by external shocks and global crises, the West African Economic and Monetary Union demonstrates resilience, stability, and the potential for a prosperous future.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

Petrol Prices Surge to N990 in Abuja, N960 in Lagos as Oil Tops $80 Per Barrel

The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol at…

2 minutes ago

Brent Crude at $79.38 Amid Trump’s National Energy Emergency Declaration

Oil prices remained steady on Wednesday as investors assessed the potential impact of U.S. President…

1 hour ago

Netflix Hits 302 Million Subscribers, Surpasses $10 Billion in Annual Operating Income

Netflix ended 2024 on a high note as its global subscribers rose to 302 million…

2 hours ago

PalmPay Explores Remittance Services as Part of Ambitious Global Growth Strategy

PalmPay, a leading Nigerian fintech company with over 30 million users and $6 billion in…

2 hours ago

Dollar to Naira Black Market Exchange Rate Today, 22nd January 2025

The dollar to naira exchange rate continues to be a focal point in Nigeria's financial…

13 hours ago

Pounds to Naira Black Market Exchange Rate Today, 22nd January 2025

The pounds to naira exchange rate continues to be a critical topic in Nigeria’s financial…

13 hours ago