Institutions and Economic Growth in Economic Community of West African States (ECOWAS)

Description

Governance refers to the frameworks and mechanisms through which decisions are made and implemented within an organization or society. It encompasses the interactions among laws, social norms, power relations, and communication, which collectively influence the behavior and structure of a social system. High institutional quality is recognized as a catalyst for economic growth, serving as a fundamental prerequisite for economic success and sustainable development. Furthermore, it can be considered an independent variable that influences the economic growth and advancement it aims to promote. This book examines various aspects of institutional quality, including corruption control, rule of law, government effectiveness, political stability, regulatory quality, and accountability, and their impact on economic growth in Africa, particularly within the Economic Community of West African States. The findings suggest that enhancing institutional quality in West Africa, with a focus on political stability and government effectiveness, will significantly boost economic growth.