Economic Community of West African States
The Economic Community of West African States (ECOWAS) is an economic union of fifteen West African countries established on May 28, 1975, by the Treaty of Lagos. The purpose of ECOWAS is to develop and promote economic integration across West Africa in order to improve the lives of its citizens and ensure sustained economic growth in the region.
ECOWAS’s activities are focused on three pillars:
• Promoting regional integration through the Common External Tariff (CET), which regulates the prices of goods imported into ECOWAS countries;
• Obtaining and allocating financial resources for regional projects; and
• Strengthening regional cooperation in priority areas such as natural resource management, telecommunications, energy, trade, and transportation.
In order to promote regional economic development, ECOWAS aims to further regional economic integration, improve economic growth and development, reduce poverty and inequality, and promote sustainable economic and social development. The organization also works to establish a relationship of mutual respect and cooperation, encourage the development of small and medium enterprises, and implement measures to reduce corruption and promote good governance in the region.
ECOWAS also has a role in fostering political and social integration in West Africa. The organization works towards the realization of the ideals of peace, security, and stability in the region, and also promotes the development of democratic structures, the strengthening of human rights, and the consolidation of the Rule of Law.
ECOWAS is governed by an Assembly of Heads of State and Government, which is the main decision-making body, and a Council of Ministers, which is responsible for implementing decisions of the Assembly. In addition, there is a Secretariat headed by a Secretary-General, responsible for implementing the programs put forward by the Council of Ministers. The Secretariat is based in Abuja, Nigeria.
There are also several specialized agencies and institutions that support the goals and objectives of ECOWAS. These include the West African Joint Military Personnel (WATMIL), the West African Economic and Monetary Union (WAEMU), the West African Development Bank (WADB), the West African Training Center (WATC), and the West African Plant Health and Livestock Institute (WAPHLI).
ECOWAS has thus far been largely successful in achieving its goals, and is currently working to further enhance regional integration in order to boost economic growth and development across West Africa. ECOWAS has already made considerable progress in the areas of trade and the development of the single currency, the ECO. The organization is also working to promote regional infrastructure development, the promotion of regional agricultural production, and the promotion of regional industrialization. All in all, ECOWAS has taken important strides in developing regional economic cooperation, and is continuing to work to improve the level of development and growth in West Africa.
