The Economic Community of West African States (ECOWAS) has released its first report on regional economic prospects, painting a concerning picture of the current economic situation in the region.
Led by Commissioner for Economic Affairs and Agriculture, Massandje Toure-Litse, the report analyzes economic trends since 2010, revealing a significant decline in growth rates. This worrying trend reflects a “lack of structural transformation” within the region, according to the report.
The report emphasizes that “wealth creation is only declining,” highlighting the urgent need for member states to “rethink their industrialization policies.” This divergence from the traditional development model, which typically progresses from agriculture to industry and then to services, poses a significant challenge to the region’s economic growth.
The report also underscores the significant negative impact of insecurity on regional economic performance. A SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis of the regional security architecture reveals its “very detrimental” effects on growth and integration.
This inaugural report, a key component of the organization’s Vision 2050, will be published annually in accordance with the directives of member states, providing valuable insights into the evolving economic landscape of the West African region.
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