ECOWAS Scribe Decries Growth Rate at Summit
 21st DEC 2006

The statutory meetings of the Economic Community of West African States (ECOWAS) for this year's summit has begun in Ouagadougou, the Burkinabe capital city, with its scribe, Mohammed Ibn Chambas lamenting the declining growth rate in the sub-region.

Addressing the 57th Session of the Council of Ministers, Chambas said due to what was referred to as 'severe external shock' of high oil import prices experienced by most member states and a very slow growth rate in agriculture, the regional economy this year could not sustain the recent vigorous pace. It led to a decline of the growth rate from 5.7 per cent in 2005 to 3.8 per cent by the close of November this year. In 2005, the GDP of the entire ECOWAS region was estimated at $98 billion and was projected to cross the $100 billion mark by this year. The regional performance under review, according to Chambas, now falls short of the continental growth rate of 5.4 per cent and the global economic growth rate of 5.1 per cent. Giving a critical appraisal of the current situation, Chambas said: "In view of some political and economic risks such as apprehension about the outcome of the 2007 elections in many member states, environmental challenges (desertification, poverty), asymmetrical South-South relationships and the external rise in crude oil prices, it is now imperative for member states to expedite action on their reform measures."

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