Abstract
The West African sub-region has experienced decades of dire socio-political and economic decline and marginalization within the global economic order. Early hopes of rapid development in post-colonial Africa were quickly dashed by a series of problems ranging from poor economic policies, to impoverishment, civil wars, inept political leadership and political instability (Akinola 2010). Bundu observes that:
Economic problems appear to have accumulated over time as policymakers battle with chronic food shortages, high population growth rates, deforestation and desertification, excessive dependence on commodity exports, deteriorating terms of trade, huge balance-of-payments deficits, government deficit financing, and increasing indebtedness (both domestic and external). Nowhere in West Africa have development strategies been successful in reversing the structural imbalances of our economies. (Bundu 1997, p. 29)
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Akinola, A.O. (2019). The Regionalism-Innovation Nexus: The ECOWAS Experience. In: Oloruntoba, S.O., Muchie, M. (eds) Innovation, Regional Integration, and Development in Africa. Advances in African Economic, Social and Political Development. Springer, Cham. https://doi.org/10.1007/978-3-319-92180-8_9
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