The ECOWAS-Economic Community of West African States
West Africa during the past few years has become a focal point of interest as a market of the future with high potential. West Africa, in 2013, reached a gdp-growth of 5%. Ghana’s growth, however, continuously used to exceed 7%, the major reasons being political stability and the exploration of oil fields which have been started in 2010.
The West African countries joined forces in 1975 when founding ECOWAS-The Economic Community of West African States as a regional group of fifteen West African countries with the signing of the Treaty of Lagos. Its mission is to promote economic integration across the region. And Accra as the capital of Ghana is the natural gate towards the West African market.
Considered one of the pillars of the African Economic Community, the organization was founded in order to achieve „collective self-sufficiency“ for its member states by creating a single large trading bloc through an economic and trading union.
The ECOWAS-States (Economic Community of West African States)
5,112,903 km2 (7th)
1,974,103 sq mi
Population 2013 estimate:
340 million (4th)
GDP (PPP) 2013 estimate:
- Total US$ 1,322 billion (18th)
- Per capita US$ 3,888
Source: Wikipedia 2014