January 28, 2023



EBID proposes elevated sub-regional commerce, structural transformation

The ECOWAS Financial institution for Funding and Growth (EBID) has formally launched the 2022 version of the West Africa Growth Outlook (WADO), which takes inventory of socioeconomic developments of the earlier 12 months and presents a macroeconomic outlook for the 12 months 2022.

The WADO discusses the socio-economic challenges of the instances and postulates coverage interventions that might assist ease these challenges.

The 2022 WADO, which is themed, “Navigating World Shocks by Structural Transformation and Commerce”, mentioned how the ECOWAS sub-region can mitigate the latest worth escalation by rising native manufacturing capacities, enhancing intra-regional commerce and embarking on a deliberate structural transformation agenda.

It additionally discusses the causes of the latest worth hikes as being structural and the necessity for cautious financial coverage interventions.

Whereas asserting the discharge of the WADO, the President and Chairman of the Board of Administrators of EBID, Dr. George Agyekum Donkor, emphasised the significance of the evaluation of key financial indicators as a means of highlighting the affect of latest international occasions on ECOWAS economies and postulating mitigating actions for coverage makers’ consideration.

He said that the WADO additionally highlights the alternatives and threats within the sub-region to information the funding choices of present and would-be traders.

The Director of Analysis and Strategic Planning of the Financial institution, Mr. MacDonald Saye Goanue, stated the difficult macroeconomic surroundings the neighborhood faces on account of which development prospects have been downgraded.

The elevated meals and power costs pose an awesome threat to fiscal consolidation and debt sustainability, whereas threatening to extend present account deficits and exerting stress on native currencies. There may be the necessity for a fiscal and financial coverage synchronicity to efficiently navigate these challenges.

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EBID is a number one regional funding and growth financial institution, owned by the 15 ECOWAS Member States.

The Financial institution continues to intervene by lengthy, medium, and short-term loans, fairness participation, traces of credit score, refinancing, monetary engineering operations and associated companies.