ECOWAS NATIONS MEET TO DISCUSS ECONOMIC CRISIS
The African continent has been hit by unprecedented economic crises since the outbreak of covid-19 with slow recovery gravely disrupting growth and pushing millions of Africans into poverty. The decline in economic activity forecasted at 7.6 percent essentially marks the undesirable impact of previous years.A convergence of experts from Ecowas English-speaking countries in Banjul is discussing the slow pace of recovery, taking stock of the current inflation and microeconomic estimates for 2022. The convergence will shape tangible mechanisms and contribute to efforts orienting national and sub-regional policy development and programmes and assess the impact of the recent crises to produce short-term forecasts.Africa is faced with vast structural trials such as climate change posing environmental threats and disruption of supply chains in energy, food and agriculture inputs has drastically contributed to increased inflation and food scarcity.The war in Ukraine has dire economic consequences on African countries dependent on imports and has pushed millions below the poverty line as food and fuel prices escalate.The Gambia is amongst targeted countries including Ghana, Liberia, Nigeria, and Sierra Leone sharing best practices assessing recent economic challenges to enhance institutional collaboration. According to experts’ progress has been made in the ECOWAS single currency, while in 2019 global GDP growth was marked at 2.5%, it sank in the following year with a tentative recovery in 2021. The emergence of global unrest and war has additionally decreased economic dynamics and growth.
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