The Economic Community of West African States (ECOWAS) projected an economic growth rate of 7.1 percent for the region in 2014, showed data released here on Tuesday.

The projection was higher than the 6.3 percent growth rate in 2013 and the 6.6 percent in 2012, according to the statement issued by Sunny Ugoh, assistant director of Communications in ECOWAS. A breakdown of the projection showed Sierra Leone would record the highest growth rate of 14.6 percent and Cape Verde with the lowest of 0.5 percent.

"In addition, six member states, Burkina Faso, Nigeria, Ghana, Liberia, Cote d'Ivoire and Sierra Leone would post higher growth rates than the projected 6.3 percent growth rate for ECOWAS," the statement added.

"The sources of growth would be increased in gas production, oil and various minerals as well as improvement in agricultural production," the statement said.

The regional bloc said that member states found it difficult to meet the criteria in terms of macro economic convergence as enshrined in the ECOWAS Macroeconomic Stability and Convergence Pact.

The statement stressed the need to increase the rate of tax revenue-GDP ratio and control current expenditure in order to help reduce the budget deficit.

Presidents Mahamadou Issoufou of Niger and John Dramani Mahama of Ghana had been appointed to monitor the ECOWAS single currency program, the statement said.