Data Accuracy Challenges and Impacts on Investment Decisions in West African Markets: Strategies for Policymakers and Investors

Accurate and reliable data are essential for informed foreign investment decisions and economic development. However, many factors often compromise data accuracy in the developing world, particularly in West Africa. In this paper, we shed light on key challenges such as the informal economy and misinterpretation of local terminologies, infrastructure deficits and data gaps, as well as regional and regulatory variations. Furthermore, we provide actionable strategies and guidelines to address these challenges, focusing on fostering collaboration, leveraging technology, and promoting institutional reforms. By implementing these recommendations, stakeholders can improve data reliability, support evidence-based decision making, and unlock the region’s economic potential.