West African economic growth rates have been insufficient in most countries to make significant reductions in poverty.
Essentially, West Africa’s farmers and firms produce and trade in highly localized markets and do not achieve the sufficient economies of scale required to attract broad-based investment that could accelerate growth and reduce poverty.
This is due to a number of constraints including inefficient transportation and trade barriers along corridors and at borders, a heavy reliance on family and informal sources of financing, and an insufficient supply of reliable and affordable power.
These factors result in West African products being uncompetitive in the international market place.
As giant of acclaimed Africa, recent statistics has proven otherwise with Nigeria missing on the list of fast growing economies in West Africa.
Below are West African countries with fastest growing GDP and Nigeria having the lowest.
Ghana is an economic power house in West Africa with a GDP size of approximately $51bn and is projected to hit a 7.6% growth in 2019, from 6.3% in 2018.
The Ivory Coast also known as “Cotedvoire” is another West African emerging economic powerhouse with remarkable reforms, that has made it a unique investment destination in Africa.
With a GDP size of about $41bn Ivory Coast is projected by IMF to grow by 7.0% in 2019.
Senegal a country located in the West African sub-region is the sixth fastest growing economy to watch in 2019.
IMF projects that Senegal with a GDP size of approximately $17bn will grow by 6.7% in 2019.
Benin Republic is a country located in West Africa made the IMF 2019 top ten (10) fastest growing economies to watch in 2019.
It has a GDP size of approximately $10bn and has been projected to grow by 6.3 per cent in 2019.
This is an improved projection from 6% in 2018.