Point of integration: ECASRDC semi-annual bulletin on sub-regional development for West Africa No. 6

Abstract

The evolving international economic landscape, marked by globalization, intensified competition, and the proliferation of regional economic blocs, has necessitated the recovery and integration of economies within the Economic Community of West African States (ECOWAS). The ratification of the Treaty establishing the West African Economic and Monetary Union (UEMOA) reflects the commitment of West African leaders to revitalize the regional integration process, which had stagnated since the 1970s. Economic integration, defined as the intensification of trade in goods, services, labor, and capital within a geographic zone of independent states, is seen as a pathway to economic growth through market expansion. This study examines the macroeconomic framework of West Africa, highlighting issues such as inadequate development capacities, including a shortage of skilled managers and qualified labor, which hinder the mobilization and absorption of external aid. Additionally, the small size of markets in most ECOWAS countries, with the exception of Nigeria, limits the potential for investment and tax mobilization.