{"id":5098,"date":"2020-04-27T12:49:37","date_gmt":"2020-04-27T12:49:37","guid":{"rendered":"http:\/\/alcafricanradio.com\/?p=3799"},"modified":"2020-04-27T12:49:37","modified_gmt":"2020-04-27T12:49:37","slug":"ecowas-plans-for-economic-fallout-from-covid-19","status":"publish","type":"post","link":"https:\/\/alcafricanradio.com\/index.php\/2020\/04\/27\/ecowas-plans-for-economic-fallout-from-covid-19\/","title":{"rendered":"ECOWAS plans for economic fallout from COVID-19"},"content":{"rendered":"\n<p><strong>ECOWAS\nplans for economic fallout from COVID-19 &nbsp;&nbsp;<\/strong><\/p>\n\n\n\n<p>April\n26, 2020<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alcafricanradio.com\/wp-content\/uploads\/2020\/04\/ECOWAS_Bank_for_Investment_and_Development_headquarters_in_Lome-1024x576.jpg\" alt=\"\" class=\"wp-image-3936\" srcset=\"https:\/\/alcafricanradio.com\/wp-content\/uploads\/2020\/04\/ECOWAS_Bank_for_Investment_and_Development_headquarters_in_Lome-1024x576.jpg 1024w, https:\/\/alcafricanradio.com\/wp-content\/uploads\/2020\/04\/ECOWAS_Bank_for_Investment_and_Development_headquarters_in_Lome-400x225.jpg 400w, https:\/\/alcafricanradio.com\/wp-content\/uploads\/2020\/04\/ECOWAS_Bank_for_Investment_and_Development_headquarters_in_Lome-300x169.jpg 300w, https:\/\/alcafricanradio.com\/wp-content\/uploads\/2020\/04\/ECOWAS_Bank_for_Investment_and_Development_headquarters_in_Lome-600x338.jpg 600w, https:\/\/alcafricanradio.com\/wp-content\/uploads\/2020\/04\/ECOWAS_Bank_for_Investment_and_Development_headquarters_in_Lome-768x432.jpg 768w, https:\/\/alcafricanradio.com\/wp-content\/uploads\/2020\/04\/ECOWAS_Bank_for_Investment_and_Development_headquarters_in_Lome-1536x864.jpg 1536w, https:\/\/alcafricanradio.com\/wp-content\/uploads\/2020\/04\/ECOWAS_Bank_for_Investment_and_Development_headquarters_in_Lome.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>ECOWAS Bank for Investment and Development headquarters in Lome Image: <a href=\"https:\/\/en.wikipedia.org\/wiki\/Economic_Community_of_West_African_States#\/media\/File:ECOWAS_Bank_for_Investment_and_Development_headquarters_in_Lom\u00e9.jpg\">Willem Heerbaart<\/a><\/figcaption><\/figure>\n\n\n\n<p>LEADERS of the 15-member Economic Community of West African States (ECOWAS) have come up with plans for economic recovery after the global COVID-19 pandemic has subsided.<\/p>\n\n\n\n<p>During\ntheir video conference last week, they agreed to issue long-term treasury bills\nand bonds \u201cto finance critical investment needs to support the private sector\nand revive economies\u201d. <\/p>\n\n\n\n<p>Through\nthe various Central Banks, the leaders said in their communique after their\nmeeting that there would be support for commercial banks and financial\ninstitutions to fund the private sector, especially small and medium\nenterprises (SMEs). &nbsp;&nbsp;<\/p>\n\n\n\n<p>At\nthe outset of the coronavirus, the International Monetary Fund\u2019s forecast was\nfor economic growth in the ECOWAS region, projected at 3.3 per cent, to fall to\ntwo per cent if the pandemic were to end in June. <\/p>\n\n\n\n<p>But\nit would fall to -2.1 per cent if adequate measures were not taken to slow down\nthe spread of the virus and if the pandemic continued beyond the second half of\n2020.<\/p>\n\n\n\n<p>In\nthis light, member states have been seeking extra funds from international financial\ninstitutions to tackle the socio-economic challenges that they are facing.<\/p>\n\n\n\n<p>At\nthe same time ECOWAS is fully backing the African Union\u2019s initiative to\nnegotiate with various lenders for the cancellation of public debt and\nrestructuring of private debt of African countries.<\/p>\n\n\n\n<p>The\nissue has been compounded by a World Bank report last week, which showed that remittances\nto sub-Saharan Africa were projected to fall from $48 billion in 2019 to $37\nbillion in this year \u2013 a drop of 23.1 per cent \u2013 because of the economic consequences\nof the COVID-19 pandemic.<\/p>\n\n\n\n<p>This\nwill affect Nigeria and Ghana the most, the top two ECOWAS members that\nreceived remittances in 2019. &nbsp;<\/p>\n\n\n\n<p>ECOWAS\nleaders acknowledged the\neffect of the drop in financial resources for the overall economy of the\nregion.<\/p>\n\n\n\n<p>They\nnow want to reduce their countries\u2019 import bills by providing more financial support\nfor local production of consumer goods, especially agricultural products.<\/p>\n\n\n\n<p>Crucially,\nthere will also be more state funding for the local pharmaceutical industry as\nwell as the health protection equipment manufacturing sector, whose output\ncovers barely 20 per cent of the region\u2019s current consumption needs.<\/p>\n\n\n\n<p>The\nleaders pledged to \u201cavoid the imposition of import restrictions on other ECOWAS\ncountries, particularly with regard to essential goods [such as] drugs [and]\nfood\u201d.<\/p>\n\n\n\n<p>They\ncalled for humanitarian transport corridors to remain open for medical and\nother personnel to travel in the region as they try to contain the pandemic.<\/p>\n\n\n\n<p>The leaders reminded member states to allocate at least 15 per cent of their annual budget to the health sector, which they themselves agreed to in 2014 following the Ebola outbreak in Guinea, Liberia and Sierra Leone.<\/p>\n\n\n\n<p>Member\nstates were also called upon to pool their resources when buying equipment and\ndrugs to combat COVID 19.<\/p>\n\n\n\n<p>The\nleaders agreed to hold a meeting of the Convergence Council to consider the\nfull impact of the pandemic on macroeconomic convergence in 2020 and beyond.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ECOWAS plans for economic fallout from COVID-19 &nbsp;&nbsp; April 26, 2020 LEADERS of the 15-member Economic Community of West African States (ECOWAS) have come up with plans for economic recovery after the global COVID-19 pandemic has subsided. During their video conference last week, they agreed to issue long-term treasury bills and bonds \u201cto finance critical [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3936,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,67],"tags":[126,145,234,247],"class_list":["post-5098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alc-news","category-opinion","tag-coronavirus","tag-ecowas","tag-news","tag-opinions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ECOWAS plans for economic fallout from COVID-19 - ALC Pan-African Radio<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alcafricanradio.com\/index.php\/2020\/04\/27\/ecowas-plans-for-economic-fallout-from-covid-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECOWAS plans for economic fallout from COVID-19 - ALC Pan-African Radio\" \/>\n<meta property=\"og:description\" content=\"ECOWAS plans for economic fallout from COVID-19 &nbsp;&nbsp; April 26, 2020 LEADERS of the 15-member Economic Community of West African States (ECOWAS) have come up with plans for economic recovery after the global COVID-19 pandemic has subsided. 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