Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Anglophone West Africa’s brightening economic prospects

    Anglophone West Africa’s brightening economic prospects

    April 21, 2018
    Share
    Facebook Twitter LinkedIn WhatsApp

    *Nigeria, Africa’s largest economy, is at last moving out of recession, Ghana’s growth continues to be strong

    21 April 2018, Lome, Togo — The economic forecast for Anglophone West Africa is looking brighter, according to an 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.
    • The region is also a financial hub, having an estimated 39% of Middle Africa’s banking assets in 2015 (mostly in Nigeria). Nigeria and Ghana host two of the largest stock exchanges in Africa, in Lagos and Accra, respectively.
    • Nigeria has developed the world’s largest sugar refining complex in Lagos, and has successfully phased out imports of packaged and refined sugar.

    Dan Sackey, Regional Executive for Anglophone West Africa & Managing Director of Ecobank Ghana, commented: “West Africa is coming out of a difficult period where it has faced many challenges – recession, Ebola, falling oil and other commodity prices – but we are now back on a growth trajectory. The recovery in commodity prices, notably oil and cocoa, has given a boost to economic growth, especially in Nigeria and Ghana, lifting the entire region. It is essential that West Africa uses this opportunity to press ahead with the diversification of the economy away from dependence on oil and minerals, with a focus on increasing output and processing of soft commodities, improving logistics and using the region’s financial and stock market leadership. Provided West Africa’s governments can maintain fiscal discipline, the growth outlook is very positive.”

    “Ecobank understands regional and local business customs, regulations and country-specific risks better than any other bank in Africa because we operate on the ground in 33 markets,” said Dr Edward George

    Related News

    Nigeria, United States launch CIP Working Group Forum

    Nigeria, Rwanda sign double taxation treaty to unlock cross-border investment

    ‘Cross-border financial crimes draining billions from West, Central Africa’ 

    E-book
    Resilience Exhibition

    Latest News

    Kosmos Energy and partners achieve commercial operations at GTA LNG project

    June 30, 2025

    TotalEnergies eyes Mozambique LNG project resumption in 2025

    June 30, 2025

    NCDMB pushes “Nigeria First Policy” to curb foreign procurement in oil & gas sector

    June 30, 2025

    Petroleum Ministry to improve ICPC transparency & accountability rating

    June 30, 2025

    Nigeria, Saudi Arabia Customs sign historic cooperation agreement at WCO council session in Brussels

    June 30, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.