Sustaining ECOWAS In The Dynamic Confluence Of Regional Market Constraints

Abstract

This paper discusses the Economic Community of West African States (ECOWAS) as a concept founded and deeply rooted in the market and economic integration of the participating countries, as well as a model frame for the larger, if more ambitious, integration of the entire continent. It contends that if effectively implemented, sub-Saharan Africa would experience a huge transition that would tremendously transform its participation in globalization so significantly than is otherwise the case today. In this paper, we outline the contending dynamics and constraints in the sub-region. From this premise, it focuses on the market integration challenges facing ECOWAS as it identifies the institutional, structural and infrastructural constraints, with their backgrounds and origins in the colonial antecedents of the member countries. It is our contention that effective economic integration (substantially lacking at present) requires the development of core human “facilitators”, as well as institutional and infrastructural convergence and compatibility in functional market structures. While we note that the need, and indeed urgency, to fully integrate the sub-region is hampered by the lack of a realistic timetable or framework for implementation, we also note the lack of prioritization of integratable policy options. In this paper, however, we have not addressed what or which policy options should enjoy sequential priority in the realization of full economic integration, even though such criticality is noted. The failure of full economic integration more than 25 years after inception speaks to larger underlying constraint components within and without the sub-region that must be addressed. The futility of an integration initiate with such disparate and divergent in-country policy initiatives cannot be over-emphasized. As a process, regional economic integration is a value-driven process that can potentially deliver benefits to consumers and present firms with new markets, as well as challenges. Hopefully, addressing these constraints would persuade a holistic and more optimistic assessment of the sub-region (as opposed to individual country assessment) as an alternative location that is sufficiently attractive in its competitive offer and sensitivity to Foreign Direct Investment.