GOVERNANCE, GROWTH AND ECONOMIC DEVELOPMENT IN WEST AFRICAN COUNTRIES
- Omo Aregbeyen
- ( paper pages. 1 - 32 )
Abstract
Current and past efforts by African countries generally, andparticularly the West African countries, towards addressing thesignificant prevalent challenges of growth and development byimplementing governance reforms and improving the quality ofgovernance are well documented. Yet, there is little empiricalevidence linking the modest success in implementing governancereforms and improving the quality of governance to better inclusiveeconomic growth and social development. This study empiricallyattempted to link posted improvement or otherwise in the quality ofgovernance in the countries of West Africa to major developmentoutcomes.A synthesis of the ‘Successful Society’ theory, the (Cautionary)Governance for Growth theory and the Social Order theory wasadopted. The synthesis is that developed countries offer the developingones important lessons; good governance is required for the pursuitof economic growth, which is fundamental and a necessary conditionfor development; and that though African countries requireinterventions and reforms, any intervention and intended reform mustbe in conformity with prevailing beliefs in relation to economic,social and cultural systems in the respective countries. The empiricalanalyses conducted combined descriptive and regression analyses.The results, by and large, show that improvement in governanceis positively related to the economic growth/development of thecountries; corroborate erstwhile studies that good governance encourages economic growth/development and confirms theoreticalexpectations. The study therefore advises that further reforms andimprovements in governance in all ramifications should beimplemented. In other words, there is the need for each country tostrengthen its institutions, create a more efficient and effectivebureaucracy and a better investment climate, as well as improve theallocation of resources.
Citation
Omo Aregbeyen.
2020.
"GOVERNANCE, GROWTH AND ECONOMIC DEVELOPMENT IN WEST AFRICAN COUNTRIES"
The Nigerian Journal of Economic and Social Studies,
62 (2): 1 - 32.
JEL Classification
O11, O21, O29, O43, O55
