Several West African countries are implementing dynamic strategies to boost their economic growth and reduce poverty, despite persistent challenges. Economic diversification, infrastructure improvement, and promotion of regional trade are among the top priorities.
In Ghana, the Minister of Finance, Dr. Cassiel Ato Forson, presented the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) to Parliament. This initiative aims to strengthen the country's resilience to external economic shocks by increasing its international reserves to the equivalent of 15 months of import cover by the end of 2028. The policy relies on the Ghana Gold Board Act, 2025 (Act 1140) to generate foreign exchange and support gold reserve accumulation by the Bank of Ghana. Ghana aims to accumulate reserves through a structured, gold-backed, and reform-driven strategy, moving away from costly borrowing. The government is targeting an operational weekly gold purchase target of approximately 3.02 tonnes. Ghana has overtaken Cote d'Ivoire as the second-largest economy in West Africa, with an estimated GDP of $113 billion.
Benin, on the other hand, is shifting away from its traditional model of exporting raw agricultural products to embrace a value-added processing approach, particularly in the cashew sector. The country has nearly quadrupled its cashew processing, from 13,000 tons to nearly 50,000 tons in 2025, thanks to a strategic government program and a ban on exporting raw nuts.
However, Nigeria is struggling to meet its oil production quotas set by OPEC, resulting in an estimated $1.31 billion in lost potential revenue between January 2025 and January 2026. Official data reveals cumulative shortfalls of 18.12 million barrels, despite relatively firm global oil prices. Nigeria's oil production fell to 1.478 million barrels per day in January 2026, falling short of its 1.5 million barrels per day quota.
In the energy sector, Panoro Energy has strengthened its position in Equatorial Guinea by acquiring the Ceiba and Okume fields from Kosmos Energy for up to $219.5 million. This acquisition is expected to allow Panoro to increase its net production to 20,000 barrels per day in 2027. In Mali, after TotalEnergies' withdrawal, a local company, NDC Énergie, has taken control of the country's largest network of service stations.
In parallel, the African Development Bank (AfDB) and the African Union (AU) have relaunched their initiative to remove visas in Africa to facilitate continental mobility and boost intra-African trade. Policymakers, business leaders, and development institutions have emphasized that the free movement of people is essential to unlocking the potential of the African Continental Free Trade Area (AfCFTA). While progress has been made, with 28.2% of intra-African travel not requiring visas, further efforts are needed to eliminate remaining restrictions.
Chad has mobilized €15 million from the AFD to modernize its airport and support the cotton sector. The program aims to create climate-resilient farming systems, improve farmers' incomes, and protect natural resources.
These developments underscore the efforts by West African countries to diversify their economies, attract investment, and promote regional integration. The removal of trade barriers and the promotion of the free movement of people are expected to further stimulate economic growth and development in the region.
The increasing gold production in Senegal, Burkina Faso, and Mali is contributing to economic growth and strengthening foreign currency reserves. West African states are increasingly seeking greater control over their natural resources and trading them on global markets on more favorable terms.
Ghana and Burkina Faso have signed several trade agreements to strengthen agricultural trade, particularly tomato exports. The agreements come after security concerns affected cross-border trade following attacks by insurgents targeting traders along border areas.
