Dr. Omar Touray, the President of the ECOWAS Commission, has raised concerns over the economic challenges facing the subregion’s countries. He emphasized that issues such as debt, currency depreciation, inflation, and other economic indicators have been major hindrances to growth.
Presenting the 2023 Annual State of the Community Report to the ECOWAS Parliament in Abuja, Touray highlighted the impact of these challenges on the welfare and living standards of residents, despite some member countries experiencing robust economic growth.
He noted, “The period under review was characterized by the continuation of geo-political conflicts, persistent inflationary pressures, high and rising public debts, as well as tightening of monetary policies in most regions. In this context, the global economic output growth is expected to slow down to 3.0 per cent in 2023, compared to 3.5 per cent in 2022.”
On a more positive note, Touray forecasted a marginal decrease in the region’s budget deficit to 5.2 percent of GDP in 2022, down from 5.4 percent, attributing this improvement to enhanced revenue administration and expense management.
Aside from economic matters, the report also delved into the region’s political stability, peace, and security landscape. It addressed political transitions in member countries affected by coups, such as Mali, Guinea, and Burkina Faso, as well as the political situation in Niger Republic, and the ongoing terrorism issues in the Sahel region. Furthermore, the report examined the state of elections within the subregion.
