In what ways will the efficient functioning of the Economic Community of West African. States...
In what ways will the efficient functioning of the Economic Community of West African. States (ECOWAS) hasten the economic growth of its member states?
Explanation
The efficient functioning of the Economic Community of West African States (ECOWAS) will hasten the economic growth of its member states in the following ways:
(i) There will be reduction in the rate of unemployment as labour will be freely mobile.
(ii) There will be potentials for development of other agencies and organs which will further increase employment opportunities.
(iii) There will be a more efficient allocation of resources when they are harnessed together and put into proper use.
(iv) There will be a larger market for the goods produced within the region.
(v) There will be greater volume of trade as trade barriers will be removed among member states
(vi) More capital could be attracted when the member countries come together as one large unit.
(vii) Members producing the same or identical goods can form cartels or monopolies and obtain better bargaining or deals from other countries outside its membership.