Ivory Coast leads first-quarter GDP growth in francophone West Africa
TLDR
- West African Economic and Monetary Union (WAEMU) zone's economy grew 5.1% in Q1 2024, driven by steady economic activity.
- Côte d'Ivoire leads with 6.3% growth, followed by Togo at 6.1% and Benin at 6%, while Senegal grew by 4.7%.
- Niger faced a -0.1% decline due to political, security, and climate crises; Burkina Faso and Mali saw growth at 3.9% and 4.9% respectively.
The economy of the West African Economic and Monetary Union (WAEMU or UEMOA in French) zone grew 5.1% during the first three months of 2024 compared to 5.6% in the same period the previous year, according to figures from the regional central bank BCEAO.
Growth was primarily driven by steady economic activity. Among the eight countries in the zone, Côte d'Ivoire (the largest) recorded the highest growth rate at 6.3%, followed by Togo at 6.1% and Benin at 6%.
The second largest, Senegal, grew 4.7% in the first quarter of 2024. Coup-hit Niger posted the worst results with a -0.1% decline due to political, security, and climate crises. Conversely, other military-led countries Burkina Faso and Mali grew by 3.9% and 4.9%.
Key Takeaways
Economies in the WAEMU averaged 6% GDP growth between 2013-2018 and above 5% each year since - except in 2020 (COVID-19). These economies are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. In 2024, four feature among the world’s ten fastest-growing economies projected by the IMF. The region also has a more conducive policy environment offering companies a relatively easy regional expansion route due to shared culture, language, regulations, and currency. With this, francophone West Africa offers some of the best investment prospects on the continent. However, it is often overlooked due to language barriers and a lack of local context on the part of investors. For one, the BRVM stock exchange serves as the portal through which investors can capitalize.
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