Economic Integration of the Economic Community of West African States: Prospects and Challenges

Abstract

Economic integration has been an important phenomenon and a major facet of growth in the world. Amongst many regional groups on the continent of Africa, the Economic Community Of West African States (ECOWAS) has over the years proven to be in good standing in an effort to integrate its member states for economic, social and political benefits. This study examined the economic integration of ECOWAS, specifically looking at the prospects and challenges in the area of trade as an effort to deepen its integration processes. The qualitative research design was adopted for the study. The secondary data obtained were subjected to critical review. The study found that ECOWAS is one of the most successful and important sub regional groups in Africa. It successes could be realised in the area of maintaining peace and stability, promoting trade and economic growth for the mutual benefit of its member states and the larger world. Inspite of these successes, it was revealed in the study that, trade libralization is one of the main challenges facing the success of ECOWAS as this hinders its core principles of economic integration. It is also revealed that, trade integration has not been fully utilised among member states as most trade activites are undertaken with the outside world, precisely Europe. In order to promote economic unification and integration amongst ECOWAS countires, the study recommends the harmonization of laws and tarrif reforms as well as building stronger institutions and commitment from members states. The study further recommends the deliberate, aggressive and systematic development of transport and communication infrastructure and the involvement of stakeholders beyond political leadership.