WAEMU: Togo and Senegal are the most diversified, in terms of exports

Economic governance
Wednesday, 09 September 2020 16:56
WAEMU: Togo and Senegal are the most diversified, in terms of exports

(Togo First) - The Togolese economy is the most diversified in terms of exports within the West African Economic and Monetary Union (WAEMU). 

Indeed, a recent note issued by the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) puts the country just before Senegal in this ranking. The least performing nation in the Union according to this release is Guinea Bissau (which mainly exports cashew). This is a trend that has been stable for many years. 

Export diversification is measured using the Theil index. On this measurement tool, the lower the index the more diversified a country’s exports are. Togo’s score is 0.99 (the lowest in the WAEMU) against 1 in 2018. It is followed by Senegal whose score is 1.14, and far behind is Guinea Bissau with a score of 2.91. 

For its part, Côte d’Ivoire - the Union’s economic driving force - has a score of 1.37. 

Overall, in terms of export diversity, the WAEMU’s performance is relatively stable (comparing the 2016-2019 period to 2012-2015), with only Guinea Bissau and Burkina Faso having the lowest performances. 

Ayi Renaud Dossavi

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