West African Countries To Grow By 7% In 2014

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Nigeria, Niger, Ghana, Liberia, Sierra Leone, Guinea and Burkina Faso have being listed among African countries that will record a 6.9 percent GDP growth in the current fiscal year.

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According to the UN Economic Commission for Africa (ECA) annual World Economic Outlook report released and presented by the Commission’s Chief Forecaster, Adam EiHiraikia in Addis Ababa, West Africa will continue to attract investment in the oil and minerals sector – a key source of growth in the sub-region.

ECA said there would be growth in GDP from the 6.7 percent in 2013 to 6.9 percent in 2014, and that the growth would be supported by improvement in global economic and regional business environment.

“West Africa will continue to attract investment in the oil and minerals sector, a key source of growth in the sub-region, especially in countries such as Nigeria, Niger, Ghana, Liberia, Sierra Leone, Guinea and Burkina Faso,” the report stated.

The report also indicated that high commodity prices and easing infrastructure constraints, increase in trade and investments from emerging economies, medium-term growth prospects, increasing domestic demand from emerging class of new consumers associated with urbanisation as well as rising incomes are factors that will aid the expected economic trajectory.

Meanwhile, the commission projected that the African economy would grow by 4.7 percent GDP in 2014 with a 5.0 percent projected growth in the subsequent year.

Inflation across Africa is also expected to shed slightly from the average of 8.0 percent in 2013 to 7.8 percent in 2014 while fiscal deficit will decline from 1.8 percent of GDP in 2013 to 1.7 percent in the current fiscal year.

The ECA annual World Economic Outlook report however lamented that fact that Africa economic resurgence has not impacted poverty and income levels positively, as most of its peoples are still not able to meet up with daily demands.

It therefore call on African governments to focus more on providing infrastructure and supporting small businesses to aid growth among the low income- earners.

*Ventures Africa


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