THE central bank of the West African CFA franc zone, the BCEAO, has cut its 2000 forecast for real GDP growth in the region to 3.2% from 5.0%. That compared with real growth of 3.4% in 1999, the Senegalese-based bank said in a statement. It said growth within the West African Economic and Monetary Union had been hit by soaring oil prices, the strengthening of the dollar and dwindling foreign investments. The combination of higher crude prices and a stronger dollar also fuelled higher inflation across the union, which comprises Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. All use a common currency, the CFA franc, which is convertible at a fixed rate into the euro. – Reuters
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