=BUSINESS & THE ECONOMY= ECOWAS Says... Salone Economy to Grow by 14.5% in 2014! A Xinhua news agency report states that the Economic Community of West African States (ECOWAS) is projecting 7.1 percent economic growth rate for the region in 2014. A statement from the ECOWAS Communications Assistant Director Sunny Ugoh indicates that this figure is higher than the 6.3 percent growth rate in 2013 and 6.6 percent in 2012. The report adds that Sierra Leone is anticipated to record the highest growth rate at 14.6 percent and Cape Verde at 0.5 percent. “Six member states — Burkina Faso, Nigeria, Ghana, Liberia, Cote d’Ivoire and Sierra Leone — are predicted to post higher growth rates than the projected 6.3 percent growth rate for ECOWAS,” the statement said. “Sources of growth would come from increased gas production, oil and various minerals as well as improvement in agricultural production.” The regional bloc said that member states found it difficult to meet the criteria in terms of macro economic convergence as enshrined in the ECOWAS Macroeconomic Stability and Convergence Pact. The statement stressed the need to increase the rate of tax revenue-GDP ratio and control current expenditure in order to help reduce the budget deficit. Presidents Mahamadou Issoufou of Niger and John Dramani Mahama of Ghana have been appointed to monitor the ECOWAS single currency programme. Credit: National News Agency of Malaysia
Posted on: Thu, 30 Jan 2014 16:51:26 +0000
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