Countries in the West African Economic and Monetary Union (Waemu) are recovering strongly from the impact of the Covid-19 pandemic and trade is growing, according to an assessment by the International Monetary Fund (IMF). Growth is expected to reach 6% in 2022, driven primarily by a rebound in net exports, according to IMF spokesperson Andrew Kanyegirire.The assessment follows a regional consultation in February by the Executive Board of the IMF.It found that the economic rebound in the region started in the second half of 2020.Downside risks include slow and uneven progress with vaccination, the possibility of a further deterioration of security, political uncertainty, and the likely tightening of global financial conditions.The board recommended that in order to mitigate these risks, regional-level priorities be set to “foster trade integration, enhance regional competitiveness, and accelerate the implementation of regional infrastructure projects”.The Waemu countries are: Benin, Burkina Faso, Côte D’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and To g o .The sanctions meted out against Russia for its invasion of Ukraine could work in favour of Waemu countries and their neighbours.West Africa is the European Union’s (EU’s) largest trading partner in sub-Saharan Africa. According to the European Commission, West African exports to the EU consist mainly of fuels and food products – both of which are subject to western sanctions against Russia.
