PROBLEMS ASSOCIATED WITH ECONOMIC PLANNING IN WEST AFRICA
Problems facing development planners or associated with economic planning in West Africa include:
- Political instability: Political instability or frequent changes in government often leads to change in plans.
- Inadequate capital: Inadequate capital makes economic planning difficult to achieve.
- Misplacement of priorities: Resources are sometimes diverted to investments that yield no economic benefit to the people.
- Insufficient statistical data and information: Insufficient statistical data and information, which implies that most of the planning is done on wrong projection, is a problem associated with it
- Inadequate skilled personnel: Inadequate skilled labour and experts make plan implementation difficult.
- Rapid population growth: The emergence of rapid population growth destabilises planning.
- Reliance on foreign aid: Overreliance on foreign aid and adherence to their conditionalities lead to plan failures.
- Corruption and nepotism: Economic planning is affected by corruption and nepotism. Planned decision may be influenced by selfish and parochial considerations.
- Poor implementation plans: Unexpected, sudden increases in the cost of projects compared to original estimates affect planning.
- Fluctuation in foreign exchange: Fluctuation in foreign exchange earning on which plans are based may hinder implementation of economic plans.
- Burden of national debt: This burden of national debt can also affect the implementation of economic plans.
- Inadequate harmonization: Inadequate harmonization of the private and public sectors can also affect economic planning.
- Under-utilization of labour: The services of skilled labour and experts are under-utilzied while making use of unskilled labour. For this reason, projects are inadequately studied and not well implemented.
- 7. COMPOST
8. WEED AND THEIR BOTANICAL NAMES
1. ENVIRONMENTAL FACTORS AFFECTING AGRICULTURAL PRODUCTION
3. 52. SOIL MICRO-ORGANISMS
4. ORGANIC MANURINGION
9. loans for businesses
- how to establish enterprises
- what is a firm
- price equilibrium
- scale of preference
- concept of economics
- economic tools for nation building
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