Adewunmi
Alugbin
Problems of
African Economics
Independent
Study Paper
Expectations and Challenges of the
Economic Integration of West Africa
The problems facing Africa’s
development into a world power is a multifaceted one. Corruption, environmental
degradation and political instability are just a few of a plethora of problems.
A question that often arises is how a continent with so many resource-rich
countries can be afflicted with such stunted social, political and economic progress.
Scholars[1]
have asserted that regional integration is essential to sustained development[2] in
Africa because it will promote welfare and development, which would then lead
to political stability, a reduction in environment degradation and corruption
et cetera. Some on the other hand have taken the position that trying to solve
these issues will be as simple as trying to figure out which came first- the
chicken or the egg. In this paper, I plan to explore the possibility that
economic growth is key to sustained economic development in West Africa and
that the regional integration of West Africa is essential in order to see such
economic growth.
The Need for Integration in West Africa
The countries in West
Africa make up 16 out of the 53, 54(if we include Western Sahara) countries in
Africa. “With a population of about 245 million in 1998, West Africa accounts
for two out of every four Africans living in the continent. Between 1960 and
1995, the population of West Africa increased by 130 million people. At an
average growth rate of 3% per annum, the population of West Africa is expected
to reach 430 million in 2020.”[3]
Within West Africa, as a matter of fact, in Nigeria alone, there are well over
200 ethnic groups that speak over 250 languages with numerous dialects of these
languages. The countries in
Africa share more differences than they share similarities. There are ethno-linguistic differences,
religious differences, and even racial differences; Africans however, have
managed to form bonds that cut across these differences. There are resource
bonds shared by African nations such as Nigeria, Algeria, Libya and Gabon
(sometimes) because of their membership in the Organization of Petroleum
Exporting Countries (OPEC). There are religious bonds shared by Algeria, Chad,
Guinea, Mali, Mauritania, Morocco, Niger, Senegal, Sierra Leone, Burkina Faso,
Cameroon, Benin, Nigeria, Mozambique, and Côte d'Ivoire among many as members
of Organization of the Islamic Conference (OIC). West Africa, more so than any
other region of Africa was literally carved which resulted in the formation of
countries that are spatially small in comparison to North or East Africa. After
European exploration into West Africa, trading posts were set up by the
different European powers but it was not until the Berlin Conference
(1884-1885). Up until the conference, most areas of Africa were under local and
traditional rule and the people lived in relative peace. To avoid conflict
among European nations about who had ownership of what and to add
“international European agreement to the carving up of Africa that was already
underway”[4],
all the European powers met in Berlin and began their ‘Scramble for Africa’. As
part of the agreements, it was decided that new colonies had to be
"effectively occupied"[5].
In order for claims to an area to be legitimately recognized, the colonial
power must administer the area and defend it and by 1914, Africa had been
effectively occupied and partitioned as depicted in Figure 1. 
Source: The Open Door Website, Internet:
http://www.saburchill.com/history/chapters/empires/0053.html
© Shirley Burchill, Nigel Hughes, Richard Gale, Peter Price and
Keith Woodall 2004
Governing bodies such as the OAU, which
was formed in 1963, legitimized and reinforced these artificial boundaries that
were created at the Berlin Conference with no regards to peoples with
linguistic, cultural, religious or ethnic ties. When independence came,
colonial allegiances were for the most part kept intact. Most of West Africa
kept their allegiance to France while the regional ‘giants’, Ghana and Nigeria
were aligned with Britain. Needless to say, after independence, the new
African leaders were so busy trying to protect their own sovereignty and autonomy
that the last thing on the agenda was regional cooperation to the level of
regional economic or monetary integration.
Advantages to West African Integration
In their paper “Regional
Integration: Lessons from Asia and the Western Hemisphere”, Gary Hufbauer and
Barbara Kotschwar mentioned the importance of integration for developing
countries, they argued that “for developing countries, regional arrangements
can serve as a means to further their economic liberalization programs, and to
work toward greater outward orientation, in preparation for their integration
into the global economy”[6] so
in this age of globalization, it behooves the less developed nations to develop
to a level where they can fully participate equitably in the global economy.
In a paper by Lolette Kritzinger-van
Niekerk, a senior economist for the World presented at a seminar in Maputo in
May 2005, she laid out several arguments for regional integration. “One of the
most compelling arguments for regional integration in SSA (Sub Saharan Africa)
is usually made on the basis of the fragmentation of sub-Saharan Africa, which
has 47 small economies, with an average Gross Domestic Product (GDP) of US$4
billion, and a combined GDP equal to that of Belgium or 50% of the GDP of
Spain.”[7]
The general consensus[8] is
that since most African countries are small with low
incomes, their production structures are weak, and their economies are riddled
with a variety of inadequacies, integrating
these countries into an economic or monetary union will ultimately allow them
what Kritzinger-van Niekerk refers to as “Coordination and
bargaining power”. Collective bargaining power is something that would
help because the small West African countries, previously marginalized, would
be able to develop common positions so that they can take part in international
negotiations as a group rather than on a country by country basis, which would
contribute to “increased visibility, credibility and even better negotiation
outcomes.”[9] According
to a 2005, ECA Policy Research Report entitled Assessing Regional
Integration of Africa, “the benefits of regional integration are gains from
new trade opportunities, larger markets, and increased competition
(Venables 2000; World Bank 2000b). Integration can also
raise returns on investments, facilitate larger investments, and induce
industries to relocate. Regional integration can commit governments to reforms,
increase bargaining power, enhance cooperation, and improve security.”[10] There ample reasons one could give to support
the integration of West Africa into one economic or monetary union and a final
one I will elaborate on in this section of the paper is one that I commonly
given, that reason is security. Security is a very beneficial consequence to
the integration of West Africa because integration and working together within
an economic/ monetary union would help West Africans develop a culture of
cooperation and diplomatic means to address issues of common interest which
will reduce regional instability and in turn improve intra-regional security. Kritzinger-van Niekerk further
asserts “cooperation may even extend to “common defense” or mutual military
assistance, hence increasing global security.”[11]
What Exactly is Regional Integration?
Thus
far in this paper, I have explored why integration of West Africa is needed in
the first place and some advantages that it may bring however one might still
wonder what exactly regional integration is, and what does it entail. According to Regional
Integration: Concepts, Advantages, Disadvantages and Lessons of Experience, Kritzinger-van Niekerk defined regional
integration as having three dimensions:
(i)
geographic scope illustrating the number of countries involved in an
arrangement (variable geometry),
(ii)
the substantive coverage or width that is the sector or activity coverage
(trade, labor mobility, macro-policies, sector policies, etc.), and
(iii) the
depth of integration to measure the degree of sovereignty a country is ready to
surrender, that is from simple coordination or cooperation to deep integration.[12]
Regional
integration seeks to develop close economic connections among countries that
are geographically close to each other by forming preferential trade agreements
to build free trade areas, customs unions, thus creating a common market and
eventually, an economic union which signifies that the countries in the region
have achieved free trade among members, common commercial policies, free
movement of humans and share a common monetary/ fiscal policy.
Types of Regional Integration
A
discussion of what a Regional Integration Agreement entails would require some
background on the different ways a region can be integrated. The benefits
touted about West African integration are really benefits of a full monetary or
economic integration. There are obviously lesser benefits gained when the depth
of integration is less exhibitory than with a full economic/ monetary
union. The weakest integration agreement
that is possible is a type called ‘cooperation’ arrangements. Cooperation agreements are issue focused and
the participation countries still retain full control and may opt-out of the
arrangement without much difficulty.
Harmonization/ Coordination is a higher and more formalized degree of
cooperation and signifies a deeper commitment; it is intended to address
inconsistency in policy content, whereas coordination is used to solve
time-consistency issues. Finally, Integration implies a higher degree of
lock-in and loss of sovereignty, and also tends to apply to a broader scope.[13]
This integration is not only
theoretical, because currently, in West Africa, there are different types of
integration agreements in existence, Rasul Shams, in a 2005 discussion paper on
The Drive to Economic Integration in Africa, states,
“there exists at
least 14 regional economic communities of varying design and scope in Africa.
Many of them are simple co-operation schemes with the objective of becoming an
economic community in the future.”[14] A
lot of these regional ‘agreements’ have different depths of integration for
instance, three members of The Mano River Union (MRU) belong also to the
Economic Community of West African States (ECOWAS), six members of the Central
African Economic and Monetary Union (CEMAG) are also members of the Economic Community
of Central African States (ECCAS), of the three countries that belong to The
East African Community, (EAC)
two belong to The Common Market for Eastern Southern Africa (COMESA), one to
The Southern African Development Community (SADC). One of the first mentioned
two is also a member of the Inter- Governmental Authority on Development
(IGAD). All the five members of the Southern African Custom Union (SACU) are
all members of SADC, but two belong also to COMESA. This overlapping while it may seem to prove
the ability of African states to participate in regional arrangements- it will
pose a bigger problem if complete economic/ monetary integration is the
ultimate goal.
Regional Organizations in West Africa
The existence of numerous regional
agreements proves that it is possible to have regional organization and it is
possible for them to overlap due to the different roles they play. However, if
the ultimate goal of these agreements is to promote regional integration, one
must then wonder why there are so many- further perpetuating divisions and
highlighting differences. The West Africa experience with regional agreements
is one that has limited success. There are three genuine regional integration
agreements operating in West Africa that have the potential of accomplishing
the ultimate goal of a economic/monetary union similar to the one the European
community have access to through the European Union. The integration
arrangements are The West African Economic and Monetary Union – Union
Economique et Monétaire Ouest Africaine (UEMOA), The Economic Community of West
African States (ECOWAS) each share a common currency or plan to by the end of
the decade.
As the most comprehensive
“supra-national economic organization”[15]
in West Africa, ECOWAS was created on May 28 1975 in Lagos, Nigeria. The treaty
of Lagos that created ECOWAS originally brought together 15 countries.
Currently there are 16 ECOWAS states because Cape Verde joined in 1977; other
member states include Benin, Burkina Faso, Côte d'Ivoire, Gambia, Ghana,
Guinea, Guinea-Bissau, Liberia, Mauritania, Mali, Niger, Nigeria, Senegal,
Sierra Leone and Togo.
As table one
shows, the 16 member states of West Africa that encompass ECOWAS have a
tremendous population. By bringing together the large populations these
countries support, ECOWAS seeks to promote co-operation and integration,
eventually leading to the establishment of an economic union, which increases
economic viability of the sub-region and help further the development of the
region.
Table
1- Economic Community of West African States[16]
The ECOWAS treaty signed in 1975, sought the “gradual establishment of a customs union and elimination of customs duties in intra-community trade, the adoption of common tariffs and the harmonisation of economic and financial policies.
The ECOWAS treaty signed in 1975, sought the “gradual establishment of a customs union and elimination of customs duties in intra-community trade, the adoption of common tariffs and the harmonisation of economic and financial policies.
Table 2: Intra Community Trade in ECOWAS[17]
The
treaty also had regional mechanism for settlement and monetary policy
coordination, industrial policy and funds for compensation to less endowed
member countries.”[18] ECOWAS was established with the object
of promoting cooperation and development in economic, socio-political and
cultural activity in West Africa by theoretically uniting these small national
markets so that their collective effort would attract increased investment into
a single West African market and promote intra community trade.
In July 1993, the ECOWAS treaty was
revised to include the full attainment of an integrated common market and a
single currency in West Africa. The revised treaty seeks the achievement of a
common market, s single currency as economic objectives, a West African
parliament, a socio-economic council and an ECOWAS court of justice to enforce
community decisions. The revised treaty also formally assigned the community
with the responsibility of preventing and settling regional conflicts. The
establishment of the West African Parliament promoted stronger political
involvement and collaboration within the sub-region.
Accomplishments
of ECOWAS
ECOWAS
had made limited progress in achieving the ideals set forth in the original
treaty and also in its revised form. There has been some note worthy
accomplishments though and one of them was when all member states of ECOWAS adopted a Trade Liberalization
Scheme (TLS) and the pursuit of a single currency zone.
WAMA
The West
Africa Monetary Agency (WAMA) was formed by ECOWAS to “effectively define and
promote the conditions necessary for the conduct of common monetary policy and
the creation of a single currency in the ECOWAS monetary zone under the ECOWAS
Monetary Cooperation Programme (EMCP).”[19]
In this respect, the goal of WAMA is to develop and implement agendas that will
promote monetary and fiscal cooperation and harmonization within the West
African Region. WAMA has succeeded in
setting up West African Monetary Zone (WAMZ), a monetary zone for the non-UEMOA
members of ECOWAS. “Even though two currencies are being promoted in West
Africa, the ultimate objective is to have one currency and a common monetary
policy for the sub-region.”[20]
The development of this zone shows initiative on the part of ECOWAS because if
West African is to be integrated into one economic and monetary union, WAMZ
will prepare the non-UEMOA member countries of ECOWAS to be at the same level
with the UEMOA members. This will increase the chances of a single monetary
union of ECOWAS being successful. The
countries that are members of the West Africa Monetary Zone (WAMZ) are Gambia,
Ghana, Guinea, Nigeria and Sierra Leone. These countries intend to form a
second monetary union in West Africa by 2009, which will use the ‘Eco’ as the
common currency.
Integrating West Africa into one monetary
union should theoretically be easier if working with only two currencies, the
CFA Franc and the Eco. This might present a problem however, because the CFA
Franc is pegged to the French Currency –the Euro which then pegs it to the
European monetary community. Part of the problem of integrating into one
monetary union is that the Eco does not currently have any international
sponsors. The Eco monetary system lacks
credibility, because there isn’t an international reserve currency that has
volunteered to back the eco, and establish a fixed exchange rate with it. In
the global market, it would not be beneficial for the west African countries to
have one voice therefore it may be difficult to find a sponsor.
The
West African Economic and Monetary Union – Union Economique et Monétaire Ouest
Africaine (UEMOA)
Francophone West Africa
has experimented with several types of integration, which has ultimately
evolved into UEMOA. After the Nigerian led formation of ECOWAS, Presidents
Senghor of Senegal and Houphouet-Boigny of Cote d’Ivoire sought the
transformation of UDEAO into CAEO. Created in 1973, with the signing of the Abidjan
Treaty, “CEAO was the most ambitious program for regional economic integration
since the East African Community (1967–77). CEAO called for the progressive
liberalization of trade by reducing tariffs on imported manufactured products
originating within the Community”[21]
The creation of CEAO seemed suspicious because up till its creation, “efforts to intensify regional cooperation
were systematically blocked by Côte d’Ivoire in the Council, as in other
francophone West African institutions, most notably in 1964, when Senegal
attempted to transform the essentially political African and Malagasy Union
(UAM) into a more economically oriented IGO, the stillborn Union Africaine et
Malgache de Coopération Économique (UAMCE).”[22]
The catalyst for the creation of a cooperative community of Francophone West
Africa can be attributed to the fear that they had of Nigerian domination of
the region. Due to Nigeria’s size and population, francophone West Africa
sought to create an organization that will help them utilize their common
history to create a counterweight and maybe create an advantage. It has been
argued however, that the real reason behind the creation of a francophone
economic community was mostly political. The then president of France George
Pompidou, in reaction to the “Nigerian West African unity moves”[23],
stated that “it is only logical that
Francophones and Anglophones cooperate more fully” but that Francophones must
“harmonize their efforts so as to counterbalance the heavy weight of Nigeria.”[24]
The success of CAEO could
not prevent its dissolution and by the transformation of UMOA into UEMOA,
Francophone West Africa had learnt a lesson in having too many sub-regional
arrangements and schemes. The official happened with the signing of the Dakar
Treaty. The treaty was signed in Dakar on January 10, 1994, and after seven
months, it was ratified by its ratification by the Member States.
UEMOA –
CFA Franc Zone
The countries that
comprise the West African Economic and Monetary Union (UEMOA) are: Benin, Burkina
Faso, Cote d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo; and they
share a customs, currency and economic union. The common currency is the Franc
CFA, where CFA stands for Communauté financière d'Afrique[25]
("Financial Community of Africa"). It is issued by the BCEAO (Banque
Centrale des États de l'Afrique de l'Ouest, (Central Bank of the West African
States). These countries use the CFA Franc as their common currency in order to
simplify exchange and facilitate trade among themselves. Through colonial ties,
and the colonial administrative policy of assimilation, France still had strong
ties to its old colonies and had a direct say in the internal political and
economic affairs of these countries because they all shared a currency that was
pegged to the French currency- the franc. Encyclopedias date the creation of
the CFA franc as December 26, 1945 and that the reason for the creation of
these francs was the weakness of the French franc immediately after WWII. When
France ratified the Bretton Woods Agreement in December 1945, the French franc
was devalued in order to set a fixed exchange rate with the US dollar. New
currencies were created in the French colonies to spare them the strong
devaluation of the franc. René Pleven, the French minister of finance, was
quoted saying: "In a show of her generosity and selflessness, metropolitan
France, wishing not to impose on her far-away daughters the consequences of her
own poverty, is setting different exchange rates for their currency.”[26]
UEMOA & ECOWAS:
Does One Undermine the Other?
There are arguments for the benefits of having the
francophone and Anglophone monetary zones and Sanou Mbaye, a Senegalese
economist holds the view that the Franc zone must go. In a 2001 article of the
same title, Mbaye states, “The dismantling of the Franc Zone is long overdue.
There are two preconditions for establishing a monetary union between different
countries: the existence of a single market and of a single government.
Bismarck made sure that these conditions were met before he instituted the
deutsche mark; Cavour did likewise for the lira in Italy. The euro's troubles
stem from the lack of credibility of the European countries that endowed
themselves with a single currency without having achieved their political unity
beforehand.”[27] Attitudes as this is
not unusual in fact, this author believes that the creation of UEMOA will only
inhibit and delay integration of the whole West African Region because common
sense shows that the goal of a West African economic and monetary community
would be better realized through an all inclusive regional cooperation regime
like ECOWAS. Along with Mbaye, I agree
that “[sic] organisations such as UEMOA…and CEAO were created to widen the
division between English and French speaking countries. This, in turn, has
partly prevented ECOWAS from [sic] rivalling the performance of similar
organisations such as SADC.”[28] Abass Bundu was
succinct when he posed the question “why, less than 3 years after the 1991
decision to make ECOWAS the sole economic community in West Africa, did the
francophone countries decide to establish the competing UEMOA?”[29] Undoubtedly, members
of UEMOA will be able to provide reasons why the formation of UEMOA was
essential; they will be able to argue that to fully integrate as a region,
integration of the CFA countries into a monetary zone was the necessary first
step however, the revised treaty of ECOWAS clearly defines ECOWAS as “the sole
economic community in the region”[30] and “ECOWAS is the
most significant West African effort at integrating all states of the sub
region into a viable economic unit”[31].
If the question of whether francophone regionalism was an “obstacle to the
progress of West Africa’s only fully sub-regional grouping, ECOWAS?”[32] Daniel Bach would
answer with ”a qualified no”[33]. Bach argues that the
brisk development seen in the UEMOA countries should not be seen as a reason
for the slower pace of ECOWAS achievements.
Limitations
of Integration
The idea of integration
from above will not work because an approach like this will only end up
“ignoring or denying popular practice and the long standing relations that
already exist between people”[34] West
Africa needs to immediately recognize the cultural and linguistic differences
that exist and begin working through a lens of cultural relativism in order to
lay the proper foundation of a West African economic and monetary union. In
recognize these differences; West Africa must not fall into the trap pf
perpetuating them in the name of cultural differences. Although some scholar do
not agree with this opinion, it still would be more practical if countries that
are members of more than one arrangement choose between them because it is as
it is not viable to claim membership to several different customs unions and integration
agreements.
Leaders who are not willing to give up some
autonomy or sovereignty and to be diplomatic in their actions are one of the
hindrances to true West African integration. As the dominant economy of West
Africa, Nigeria’s participation is critical in ECOWAS so when Nigeria suddenly
expelled ‘illegal aliens’ from her soil in 1983 and again in 1985, it was a
major setback to integration efforts in the region. Nigeria’s actions nullified
one of the biggest accomplishments of ECOWAS up to that point- the ratification
of a protocol that cancelled visa requirements in West Africa in order to
promote free movement of people and create a unified labor market.
Unfortunately, by 1987, only Senegal had ratified the protocol.
Poor economic and
infrastructural health in the ECOWAS countries will make it difficult to
achieve their ultimate goal, because countries that are not in order cannot
successfully merge economically with another. Frequent power outages, poor
postal and telephone communications, shortage of trained human capital along
with poor transport infrastructure (this makes mobilization across borders
difficult), are all infrastructural deficiencies that must be addressed for an
environment suitable for regional integration to emerge.
Luba Lumu Ntumba noted
that ECOWAS “does not have a range of well defined instruments at their
disposal; they operate through ‘decisions and directives’, without any clear
distinctions between these instruments as to their force and content.[35]”
The instruments that ECOWAS currently operates with are non-binding, hence the
ability of Nigeria to twice expel nationals of countries which it was
attempting to integrate with. By avoiding and addressing some of the
above-mentioned pitfalls, “the required level of regional solidarity and
community spirit can …develop by itself… through the accumulation of shared
experiences, growing awareness of the advantages of belonging to the
Community…”[36]
Hope for the Future
The is no doubt that the integration of
West Africa into one economic and monetary zone will provide endless benefits
and could even result in a political union however, the future direction and
success of this integration rests on a few factors- one of the most important
being African recognition of African allegiances over alliances with European
powers. The creation of UEMOA was to counter act Nigerian power in West Africa,
and to add leverage to the Anglophone- francophone dichotomy however Africans
need to realize that they are African first. The future of ECOWAS does not
depend on Nigeria alone just as the future of UEMOA is not dependent on Senegal
or the Ivory Coast. It is collective effort so before the religious, linguistic
and cultural divisions that the English or French colonial experience created,
Africans must re-Africanize themselves. Rather than holding on so tightly to
allegiances with old metropolis, West Africans should be working to break down
artificial borders and integrating as one people, only then can the dream of
one economic/ monetary union be realized.
Works Cited
Bach, D. The Politics of
West African Economic Co-Operation: C.E.A.O. and E.C.O.W.A.S. The Journal
of Modern African Studies, Vol. 21, No. 4. (Dec., 1983), pp. 605-623.
Falola, T. and Zeleza, P.T Development in Nigeria: A Review of Development Planning and Decolonization in Nigeria. The Journal of African History, Vol. 38, No. 3. (1997), pp. 517-519.
Kritzinger-van Niekerk, L,
2005. Regional Integration: Concepts, Advantages, Disadvantages and Lessons
of Experience. Report presented at a seminar in Maputo in May 2005
organised by the Banco de Mocambique. May 2005
Lavergne,
R. Regional Integration and
Cooperation in West Africa: A Multidimensional Perspective; IDRC/Africa World Press, 1997.
Ojo, O. Nigeria and the Formation of ECOWAS. International Organization, Vol. 34, No. 4. (Autumn, 1980), pp. 571-604.
Nwachuku, L.A. The United
States and Nigeria-1960 to 1987: Anatomy of a Pragmatic Relationship.
Journal of Black Studies, Vol. 28, No. 5. (May, 1998), pp. 575-593.
Schiff, M and LA Winters, 2003. Regional Integration and
Development. World Bank, Washington
D.C.
Shaw, T.M. The State of Nigeria: Oil Crises, Power Bases and Foreign Policy. Canadian Journal of African Studies, Vol. 18, No. 2. (1984), pp. 393-405.
Teunissen, JJ, 1996. Regionalism and the Global Economy,
The Case of Africa. FONDAD, The Hague.
United Nations Economic Commission for Africa, 2004. Assessing Regional
Integration of Africa. Communications Development Incorporated, Washington,
D.C.
Viner, J, 1950. The Customs Union Issue. Carnegie Endowment for International
Peace, New York.
World Bank, 2000. Trade Blocs. A World Bank Policy Research Report.
Oxford University Press, New York.
[1] See Lavergne,
R. (1997), Okolo, J.E. and Wright, S. (1990), and Elbadawi. I.A. and Mwega, F.M
(1998)
[2]
Development is defined in this paper as a sustained increase in the economic
performance of country as measured by
GNP or income but it also includes
sustained improvements in human development such as in education, literacy,
life expectancy, health, and
environmental sustainability.
[3] Asenso-Okyere , K.
Reflections on Economic Development Policy in West Africa, University of Ghana,
Washington, D.C. p 1
[4] Shillington,
K. History of Africa, 1995. p 305
[5] Ibid
[6] Iqbal,
Z. and Khan, M.S. Trade Reform and Regional Integration in Africa, 1997
[7]
Kritzinger-van Niekerk, L, 2005. Regional Integration: Concepts, Advantages,
Disadvantages and Lessons of Experience. May 2005, p 1
[8] See Schiff, M and LA
Winters, 2003. Regional Integration and Development. World Bank, DC.,
Teunissen, JJ, 1996. Regionalism and the Global Economy, The Case of Africa.
FONDAD, The Hague, United Nations Economic Commission for Africa, 2004. Assessing
Regional Integration of Africa. Communications Development Incorporated,
Washington, D.C.
[9] Ibid, p
3
[10] United
Nations Economic Commission for Africa, 2004. Assessing Regional Integration of
Africa, p 11
[11]
Kritzinger-van Niekerk, L, 2005. Regional Integration: Concepts, Advantages,
Disadvantages and Lessons of Experience. May 2005, p 3
[12] Ibid, p
4
[13] See Schiff, M and LA Winters, 2003. Regional
Integration and Development. World Bank, DC, Teunissen, JJ, 1996. Regionalism
and the Global Economy, The Case of Africa. FONDAD, The Hague, Lavergne, R.
(1997), Iqbal, Z. and Khan, M. (1997) Okolo, J.E. and Wright, S. (1990) and
Shams, R. (2005)
[14] Shams, R, 2005.The Drive to Economic Integration
in Africa. Hamburg Institute of International Economics Research Program,
Hamburg Germany, p 3. Also see International economy: Africa, Barclays
Economic Review; Fourth Quarter 1997.
[15] Filani
and Onyemelukwe, (1983) p 154
[16] Source:
ECOWAS Secretariat, 2002
[17] Source:
ECOWAS Secretariat, 2002
[18] Asenso-Okyere, K. Reflections on Economic Development Policy in West Africa. (IFPRI),
Washington, DC, July 13, 2005 p 3
[19] Ibid, p
6
[20] Ibid
[21]
Lavergne, R. p 85
[22] Ibid, p
86
[23] Okolo
and Wright, p 26
[24] Ibid,
quoted from Tamar K. Golan, Nigeria’s
Shadow in Bamako,” West Africa, July 7 1972, p. 867
[25] See
Shillington, (1995) for further reading
[26] "CFP franc." Wikipedia, The
Free Encyclopedia. 7 Dec 2005, 11:34 UTC. <http://en.wikipedia.org/w/index.php?title=CFP_franc&oldid=30458655>.
[27] Mbaye, S. The
Franc Zone must Go. February 1, 2001. < http://sanou.mbaye.free.fr/>
[28] Ibid
[29]
Lavergne, R. (1997) p 35
[30] Ibid, p
44, Also see Appendix (ECOWAS 1993b)
[31] Okolo,
p20
[32] Okolo,
J.E. and Wright, S. (1990) p 59
[33] Ibid
[34]
Lavergne, R. (1997) p 67
[35] Ibid, p
311
[36]
Lavargne. R. (997) p 38
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