PROBLEMS OF ECONOMIC DEVELOPMENT IN WEST AFRICA

PROBLEMS OF ECONOMIC DEVELOPMENT IN WEST AFRICA

Factors or obstacle which affect or hinder the economic development of West African nations

include:

Low level of savings: The level of savings in developing economics is very low. This retards the level of economic development.
Low level of investment: Low level of savings leads to low level of investments.
Lack of adequate capital: Low capital base impedes economic development
Lack of skilled manpower: The manpower of development in developing countries is usually very low. This affects economic development.
Lack of industrialisation: Lack of industrialisation leads to low economic development of any nation.

Lack of infrastructural facilities: Lack of or inadequate infrastructural facilities such as roads, water and electricity leads to low economic development.
Low level of technology: Majority of the developing nations have low level of technology, which impedes economic development.
High level of illiteracy: Majority of the people in developing countries are illiterates, i.e. they cannot read and write. This eventually leads to low economic development.
Leadership problems: Majority of the leaders in developing countries do not direct well the human and natural resources of such countries and this leads to low economic development.

Dependence on imports: Majority developing countries do depend mainly on exports of agricultural and mineral products and this situation allows the developed nations to dictate the pace of economic development. High level of imports discourages economic development
Population explosion: High population breeds many social vices such as unemployment and congestions and this tends to slow down the pace of economic development.
Inadequate development plan: Most of the developing countries do not have adequate development plan and this hinders economic development.

Lack of organised markets: There are no organised markets in developing countries and this results to wastage and sale of products at very cheap prices
Financial misappropriation / embezzlement: These are major ^ problems associated with developing countries and theses generally retard economic development
Political instability: Most developing countries are not politically stable, e.g. frequent changes in government and communal crises. These generally lead to low economic development.

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