THE ECONOMIC COMMUNITY OF WETS AFRICAN STATES
The Economic Community of West African States (ECOWAS); French: Communauté économique des États de l'Afrique de l'Ouest, (CEDEAO) is an Intergovernmental organization {regional group} of fifteen West African countries. Founded on 28 May 1975, with the signing of the Treaty of Lagos, its mission is to promote economic integration across the region.
The ECOWAS member states include: Nigeria, Niger, Mali, Benin, Togo, Ghana, Burkina Faso, Ivory Coast, Liberia, Sierra Leone, Guinea Bissau, Guinea Conakry, Senegal, Gambia and Cape Verde.
AIMS {OBJECTIVES} OF “ECOWAS”
1. To promote co-operation and integration. One among the aims of ECOWAS is to promote co-operation and integration. It is believed that this could lead to the establishment of a monetary union to stimulate economic activity and achieve stability.
2. To eliminate customs duties etc. at entry points. The community aims at ensuring the elimination of customs duties, import and export duties that are charged at the various entry and exit points among the member countries.
3. Harmonization of policies. The community aims at the harmonization of the policies of the member states so that programs and projects in the sub-region can be integrated.
4. To promote Common market. The community's aim is to establish a common market, through the removal of the barriers to the free movement of goods and services as well as of persons. Another component of this is the adoption of common tariffs within the sub-region.
5. To promote Joint venture. The organization aims at the promotion of joint ventures among companies of member countries in order to encourage investments across borders.
6. To raise Regional Fund for cooperation, compensation and development. The organization aims at the establishment of a fund, the ECOWAS Fund, to carter for the special needs of member states that might arise in the course of the implementation of the protocols of the organization.
7. To Balanced development. Another aim of the ECOWAS is the encouragement of plans and policies to promote a balanced development across the entire sub-region.
THE ACHIEVEMENTS OF ECOWAS
The ECOWAS Commission is proud to state some major achievements cutting across all sectors, they include:
i. Establishment of the ECOWAS Monetary Institute (EMI).
ii. Adoption of methodological guides for the harmonization of Public Finance Statistics, Government Financial Operations Tables (TOFE), External Trade Statistics, Balance of Payment (BOP) and International Investment Position (IIP).
iii. Formulation of an ECOWAS Common Trade Policy (CTP) and ECOWAS Trade Development Strategy.
iv. Completion of the Economic Partnership Agreement (EPA) with the signing by 13 Member States.
v. Free Movement of goods and persons boosted with the adoption of the ECOWAS Biometric Identity Card to facilitate mobility and promote security in the region.
vi. Feasibility study for the extension of the West African Gas Pipeline Network was concluded.
vii. Establishment of a Regional Centre for Disease Control.
viii. Consolidating the implementation of the, Common Market, Trade Liberalization Scheme (TLS) and the Protocol on Free Movement of persons, goods and services.
ix. Establishment of the ECOWAS armed force known as ECOMOG which conducts military campaigns where necessary. Example ECOMOG operations in Ivory Coast, Gambia, Mali and other places.
x. Establishment of the ECOWAS Bank for Investment and Development {EBID}.
Challenges of ECOWAS
1. The political instability and bad governance that have plagued many of the countries.
2. The weakness of the national economies and their insufficient diversification.
3. The absence of reliable road, telecommunications and energy infrastructure.
4. The insufficient political will exhibited by some member States.
5. The bad economic policies in certain cases.
6. The multiplicity of organizations for regional integration with the same objectives.
7. The irregularity in the payment of financial contributions to the budgets of the institutions.
8. The failure to involve the civil society, the private sector and mass movements in the process of integration; the defective nature of the international machinery in certain cases.
