Economic Integration and the Common Currency Agenda of the ECOWAS; an Assessment

Abstract

The Economic Community of West African States (ECOWAS) was founded in May 1975 as a regional group of countries in the West African sub-region. It was conceived as a means to ensure development through economic integration and reduce the dependence of the economies of member states on external forces and by extension, promote economic, political cum socio-cultural integration of the sub-region. Specifically, the objectives of ECOWAS are to promote cooperation and integration into economic, social and cultural activities, with the ultimate aim of establishing an economic and monetary union by fully integrating the economies of Member States, raise the living standards of its people, maintain and increase economic stability, strengthen relations among Member States and contribute to the progress and development of the African continent as the main Regional Economic Community (REC) in West Africa. On that note, ECOWAS is adjudged as the undisputed pillar on which the continental integration process as advocated by the African Union is based. It is made of 15 countries and aims to promote integration in the economic, socio-cultural and political domains.  An analysis of the institutional organization and the sectoral policies of ECOWAS Commission indicates that this Community is in general, an advanced model of integration in the broader context along with its sister organization; Southern African Development Community (SADC) in southern Africa. It has been able to build a solid institutional architecture which makes it a globally recognized organization in terms of actual impacts and performance but is however, faced with some challenges that have sought to impede its objectives particularly as it concerns common currency and other macro-economic variables since its establishment. This work seeks to assess the impact of integration on the socio- cultural, political and economic progress of ECOWAS. The work is made up of the ongoing abstract, introduction, conceptual analysis, theoretical framework, an assessment of integration and the drive for a single currency all within the confines of secondary methods of data collection, recommendation, conclusion and references are also embedded.