ECOWAS economy to accelerate by 6.4% – Victor Gbeho

President of the Economic Community of West African States (ECOWAS) Commission, Ambassador Victor Gbeho says West Africa’s economy will grow by 6.4% by the end of 2011 amidst the slow recovery of the global economy.

According to Nigeria’s Daily Trust publication October 3, 2011, Mr Gbeho said this at the closing ceremony of the 2011 Ordinary Session of the ECOWAS Parliament held at the weekend in Abuja.

He noted that countries in the ECOWAS region have experienced increased demands for raw materials which are abundant in the region and the mainstay of their economies.

“Nigeria has witnessed high prices in crude oil; Cote d’Ivoire has recorded increased prices for its major income which is coffee and same as Ghana, that exports gold. While global economy is projected to grow by 4 per cent in both 2011 and 2012, economic growth in West Africa is projected to grow by 6.4 per cent in 2011,” Daily Trust quoted Mr. Gbeho as saying.

He also attributed economic growth in the region to the slight increase of remittances from West African citizens in the diaspora.

Mr Gbeho called on member states to enhance domestic resource mobilization beyond tax revenue, the publication said.

By Ekow Quandzie

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