Common Currency for ECOWAS: A Panacea for Regional Economic Development

Description

ABSTRACT

Common Currency for ECOWAS: A Panacea for Regional Economic Development

USF Nnabue* and Henry C. Alisigwe**

Especially is this so in the economic sphere wherein a State’s success is dependent on its capacity to maximize the available resources for the developmental needs of her citizens. The quest has engendered the coming together of States bound together by their disabilities or sublime capacities to enhance their competitiveness in the race for economic development. Regionalism thus becomes a tool that enables States to come together to develop their economic potentials. Regional integration schemes have proven to be veritable agents of structural and economic development and industrialization. Given the ineluctability of a monetary union as the last vestige of the success of any integration scheme, the roles of a monetary union ala common currency in any regional integration efforts cannot be over-emphasized. This holds true of ECOWAS as a harbinger of economic development of the West African region. This is especially so when its sordid history of colonialism and neo-colonialism and the attendant depredation of its resources and poor leadership index are considered. Given the allure and widespread acclaim that heralded the recent decision to launch a common currency, the ECO, in furtherance of its integrative efforts, this work is an inquisition into whether the ECOWAS common currency initiative is the sesame that will lead to enhanced regional economic development among Member States of the ECOWAS. Amidst past efforts at firming up the integration process, the paper shows that a common currency remains a potent instrument in harnessing the developmental potentials of ECOWAS member States. The work concludes with the view that breathing life into the ECO currency will help in the mobility of goods and services within the ECOWAS region and thus aid in the economic development of member States.

Keywords: Common Currency, ECO, ECOWAS, Economic Development, Monetary Union, Regionalism

INTRODUCTION
Every regional economic cum political institution has, as part of its raison d’etre, its members’ economic emancipation and development. This it does by integrating Member States’ economies into a unit and thereby sharpening its competitive edge in the international arena.The challenges of mankind at various epochs in history have always centered on maximizing nature’s resources towards achieving economic well-being. This is the essence of the state’s existence as a standard vehicle for the actualization of a peoples’ quest for economic development within a defined geographical area.₁

* PhD, BL. Professor of Law and pioneer Dean, Faculty of Law, Imo State University, Owerri, Nigeria. He is currently a Commissioner in the National Population Commission and also Member, Board of Trustees of Nigerian Association of Law Teachers (NALT).
** PhD, BL. Law Teacher, Faculty of Law, Imo State University, Owerri; Visiting Professor and former Dean, Faculty of Law, University of The Gambia. E-mail: halisigwe.utg.edu.gm

1. HC Alisigwe, ‘Regionalism as a Tool for International Economic Development: The ECOWAS Paradigm’, in USF Nnabue (ed) Thematics on The Law of Development (Applause B Multi-Sectors Ltd 2017) 465.

THE GRAVITAS REVIEW OF BUSINESS & PROPERTY LAW VOL.12 NO.2