Economic Regionalism Reversed? - France-West Africa Relationship and the Challenge of Eco-Currency Integration

Abstract

Economic regionalism is a 21st century attempt to facilitate trade partnerships, bilateral agreements and the facilitation of the free movement of goods and people between neighbouring countries on the continent. Several geopolitical regions have formed economic alliances in Europe, the Americas, Africa and Asia for mutual economic benefit. West Africa is one of the regions that made early efforts at economic cooperation following the establishment of the Economic Community of West African States (ECOWAS) in 1975. Economic integration in West Africa is being driven by the proposal of the West African heads of state and government to introduce a common currency called Eco’ in 2020. However, this gigantic project is being thwarted, interrupted and blocked by France under the pretext of conditionality, which is keeping the leading country, Nigeria, from the project. This study examines how the economic relations between France and the West African states affect the proposal to introduce a common currency and howthis setback will affect economic regionalism in the zone. A historical and contemporary political economy method was used for the study. The data was collected from documented sources and analysed using content analysis. The study finds that France’s close relations with and tight control over francophone countries constitute a new form of imperialism that prevents independent decision-making on economic cooperation in the region. The economies of West African countries will thus remain dependent on France, which is not conducive to independent economic growth and development. The study therefore suggests that West African heads of state must develop the will to diplomatically break away from excessive French control in order to enable strong economic cohesion for self-reliance and regional economic cohesion.