West Africa economic outlook 2023
West Africa experienced slower economic growth over the past year except for Cabo Verde, The Gambia, Guinea, Mali, and Niger, according to the African Development Bank’s 2023 West Africa Economic Outlook report. The report assessed the economic performance of 15 West African countries, namely: Benin, Burkina Faso, Cabo Verde, Côte d'Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Titled Mobilising Private Sector Financing for Climate and Green Growth in West Africa, the report provides key economic trends in 2022 as well as medium-term (2023-2024) economic forecasts for the region. It also evaluates strategies to accelerate the mobilisation of private sector financing for climate and green growth in West Africa. The report notes that West Africa’s average gross domestic product decelerated to 3.8% in 2022 from 4.4% in 2021, implying that the growth recovery from the 2020 downturn had slowed.
