ECONOMIC INTEGRATION AND THE ROLE OF FINANCIAL INSTITUTIONS IN THE ECONOMIC COMMUNITY OF WEST AFRICAN STATES SUB-REGION

Abstract

In its role as a sub-regional organization, ECOWAS has had to respond to the violent conflicts within the West African sub-region, thereby shifting its focus away from its original agenda of commerce and economic cooperation/integration. However, ECOWAS remains weak in the prevention phase of the conflict cycle, and insufficient capacity continues to limit its post-conflict capacities in the region. ECOWAS has welcomed the UN Peace Building Commission assistance in this regard. Today, ECOWAS functions on a regular platform with four pillars: Peace and Security, Developing Infrastructure, Policy Harmonization (to facilitate trade) and Good Corporate Governance. One highlight of its current activities is the West Africa Customs Union, which integrates regional trade and increase external trade of processed goods, thereby creating jobs. A good deal of emphasis is placed on helping member states understand that functioning effectively at the supra-national level brings benefits at the national level. This paper appraises the legal implications of these fresh strategic responses; and identifies reoccurring issues arising while making recommendations on the way forward.