THE LEGAL IMPLICATIONS OF ECONOMIC INTEGRATION AND THE ROLE OF FINANCIAL INSTITUTIONS WITHIN THE ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS)

Abstract

Several authors have canvassed for economic integration within ECOWAS region; the reason for this is to encourage foreign investors within the region. The original ECOWAS agenda also included a framework for solving inter-state conflicts. Even so, these conflicts throughout the region in the 1990s caught the region and ECOWAS unprepared. In the role of a regional organization, ECOWAS had to respond to the conflicts, shifting its focus away from the original agenda of commerce and economic cooperation. The ad hoc lead up and deployment of ECOWAS forces offered lessons for the future and ECOWAS created a framework mechanism for responding to conflict resolution, prevention, and peacekeeping. In the second Liberia crisis this was applied and seemed  to be more effective, professional and organized than previous responses.

However, ECOWAS remained weak in the prevention phase of the conflict cycle and insufficient capacity continues to limit its post-conflict capacities in the region. ECOWAS therefore welcomed the UN Peace building Commission assistance.

Today in the region, ECOWAS functions on a regular platform with four pillars: Peace and Security, Developing Infrastructure, Policy harmonization (to facilitate trade) and Good Corporate Governance. One highlight of its current activities is the West Africa Customs Union; this will integrate regional trade and increase external trade of processed goods, thereby creating jobs. A good deal of emphasis is placed on helping member states understand that adhering to the supra-national level will bring benefits at the national level. This paper shall unravel the legal implications and identify reoccurring issues; and make recommendations on the way forward.