The West African Economic and Monetary Union (UEMOA) is targeting a growth rate of 5.8 percent in 2021 against 0.9 percent in 2020 and 5.8 percent in 2019, Alassane Ouattara said on Thursday at the opening of the 22nd Ordinary Session of the Conference of Heads of State and Government of the organisation.
Mr. Ouattara, current President of the Conference of Heads of State and Government of UEMOA, carried out a review, noting that “at the economic level, the growth rate of the Union has declined sharply due mainly to the effects of the Covid-19 pandemic and fell from 5.8 percent in 2019 to 0.9 percent in 2020.”
However, he reassured, “the outlook for the year 2021 suggests a recovery of economic activity with an estimated growth rate of 5.8 percent in connection with the implementation of a response and (economic) recovery plan in all Member States.
“I invite all technical and financial partners to mobilise to support Member States in the implementation of recovery plans” while supporting and accompanying the efforts of States to promote strong growth, he said.
Despite the efforts made, the union is still faced with an upsurge in terrorist attacks, kidnappings and other crimes perpetrated by armed groups, especially in Burkina Faso, Mali and Niger.
“To fight terrorism in our region, we have set up a Regional Security Fund and released US$100 million (…) to bring back the peace necessary for the development of economic activities throughout the community,” he added.
In view of the threat of the Covid-19 health crisis, he said “we must continue and accelerate initiatives to strengthen our capacity to produce pharmaceutical products and vaccinate the population in collaboration with our partners.”
States in the UEMOA space are still facing the negative impacts of Covid-19. As of mid-March 2021, the pandemic has caused 119,271 confirmed cases, including 1,663 deaths. The number of active cases is 11,661 and the average case fatality rate is 1.77 percent ranging from 0.56 percent in Cote d’Ivoire to 4 percent in Mali.
Mr. Ouattara also encouraged UEMOA member states to continue efforts towards the completion of the ECOWAS single currency project in order to build a larger common space of shared prosperity that will benefit future generations.
The Ivorian Head of State congratulated the President of Burkina Faso on his re-election and Mohamed Bazoum, the newly elected President of Niger.
AP/ls/lb/abj/APA