PROBLEMS ASSOCIATED WITH ECONOMIC PLANNING IN WEST AFRICA

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.

PROBLEMS WITH ECONOMIC PLANNING IN WEST AFRICA

  • 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.
  1. 7. COMPOST
    8. WEED AND THEIR BOTANICAL NAMES
    1. ENVIRONMENTAL FACTORS AFFECTING AGRICULTURAL PRODUCTION
    2. DISEASES
    3. 52. SOIL MICRO-ORGANISMS
    4. ORGANIC MANURINGION

    9. loans for businesses
  2. how to establish enterprises
  3. what is a firm
  4. price equilibrium
  5. scale of preference
  6. concept of economics
  7. economic tools for nation building

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