Macroeconomic conditions in West Africa are generally favourable, with robust output growth coinciding with a clear disinflation trend and broadly contained currency pressures. Côte d’Ivoire, Ghana, Guinea, Mali, Niger, Nigeria and Senegal are all recording solid activity. Growth in many countries is being supported by strong activity in services, agriculture and mining. Niger is also seeing the first full effects of large-scale oil exports, while Senegal is benefiting from new hydrocarbon production. Inflation is low in the WAEMU zone, with Côte d’Ivoire and Mali close to zero, Senegal at 1.9% and Niger in outright deflation, reflecting stable food supplies and the CFA franc’s euro peg. Ghana’s headline rate has fallen to 6.3%, its lowest in four years, supported by a much stronger cedi and easing food prices, while Guinea’s inflation remains moderate at around 3.7%.
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