West African Region Records 50% Growth In Digital Economy- ECOWAS

The Economic Community of West African States (ECOWAS) has recorded a 50 per cent growth in the region’s digital economy performance, according to the latest 2024 ECOWAS Human Capital Development (HCD) Report.

The report, which evaluates member states’ progress under the ECOWAS Regional Integrated Human Capital Development Strategy (2020-2030), assesses key thematic areas, including health and nutrition, education, skills and labour participation, entrepreneurship, financial inclusion, and digital economy.

The 2024 HCD Report reveals that the ECOWAS region has experienced a 12 per cent improvement in the HCD Index since the last evaluation in 2022.

This progress is attributed to significant advancements in health, nutrition, entrepreneurship, financial inclusion, and digital infrastructure development.

However, the report highlights setbacks in education, skills development, and labour participation, indicating a need for immediate intervention by policymakers and government stakeholders.

The region recorded a 10 per cent improvement, driven by a decline in maternal mortality and child marriage rates, alongside increased government health expenditures.

The 50 per cent growth in this sector “surpassed projected targets, supported by rising internet penetration and increased investments in digital infrastructure.”

There was a 3 per cent increase in gender inclusion, attributed to “higher female participation in entrepreneurship and the digital economy.”

This sector, the report added, saw a seven per cent decline due to a “reduction in government spending, underscoring the urgent need for increased investment in education and workforce development.”

The 2024 HCD Report also outlines strategic recommendations aimed at enhancing human capital outcomes and driving socioeconomic transformation across the ECOWAS region.

The ECOWAS Regional Integrated Human Capital Development Strategy (2020-2030) was adopted by the Authority of Heads of State and Government in 2022 as part of efforts to position ECOWAS as the leading regional economic community in Africa by 2030.