Regional Integration:
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چکیده
Regional economic integration has a fairly long history in virtually all parts of Sub-Saharan Africa (SSA). A number of leaders called for the integration of Africa already soon after independence, but it was only in the 1970s and 1980s that concrete steps were taken to re-launch or establish economic integration institutions in all sub-regions. The first generation regional integration schemes were motivated partly by the political vision of African Unity, but also as a means for providing sufficient scale to import substitution industrialization policies. This inward-looking regional strategy failed for the same reasons as the underlying national import-substitution policies: (i) national markets were too small and too poor; (ii) high input costs adversely affected transformation and export, causing foreign exchange shortages and overvalued currencies; (iii) domestic monopolies and trade protection contributed to powerful rentseeking and “nationalistic” lobbies, biased and organized against regional as well as global trade; (iv) nationalistic governments with spoken interest in regional cooperation gave token support to regional organizations, broke their regional commitments and implementation lapsed; and (v) there was excessive emphasis on joint public investments as opposed to creating a truly unified markets for private operators.
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