ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS)
Ecowas is a sub-region organization formed by fifteen West African countries in 1975. Lagos was originally its headquarters before it was moved to Abuja. It now has sixteen members states as a result of the inclusion of Cape-Verde. Ecowas’ main aim is to promote economic co-operation among members geared towards the development of the sub-region and African continent.
Aims and Objectives of ECOWAS
- Promotion of co-operation and development among member nations.This is the major reason behind the formation of ECOWAS; the need for co-operation and development. This development agenda was envisioned to cut across all sector of each of the member states’ economies. The end result of this is to raise the standard of living of citizen of member country.
- Harmonization of Policies.The commission also aim at harmonizing the different sectoral policies of member states, for example harmonization of agricultural policies, harmonization of monetary policies, etc.
- Abolition of Obstacle to free movement.Ecowas aims at encouraging free movement of citizens from one member states to another.
- Abolition of Trade Restriction.Ecowas also aims at making sure that goods and services are not subjected to quantitative and administrative restrictions among members state.
- Establishment of a common Tariff.Ecowas also aim at establishing a common tariff and a common commercial policy between member country
ECONOMIC COMMISSION FOR AFRICA (ECA)
The Economic Commission for Africa (ECA) was founded in 1958 as an organ of United Nations. Its aim is to continually contribute to the development of Africa. Below are all of its aims and objectives succinctly stated-
- To Promote the social and economic development of Africa as a whole
- To conduct economic research and provide useful conclusion that will help Africa to develop
- To aid the acceleration of economic integration of Africa sub region
- ECA helps in the establishment of Africa Development Bank
- To contribute to the training of economic manpower that aid economic
INTERNATIONAL MONETARY FUND (IMF)
The International Monetary Fund [IMF] was established in 1944 after a modification of the Gold Currency Standard. It’s headquarters is in Washington DC, United States of America and its aims and objectives are enumerated below-
- To serve as a clearing house for member nations.
- To promote international monetary co-operation and the expansion of international trade.
- To give advice and help member nations.
- To eliminate exchange controls
- To contribute to the development of member nations.
International Bank for Reconstruction and Development World Bank
The IBRD, also known as World Bank is an international financial institution and an organ of United Nations, established with the main objective of providing developmental funds (in the form of loans) to underdeveloped countries of the world.
Aims and Objectives of IBRD
- To assist the reconstruction of territories affected by the world war II
- To provide technical assistance to member nation
- To promote private foreign investment by supplementary private investment when private capital is not readily available on reasonable term.
- To help raise the standard of living in underdeveloped countries.
- Tom promote international trade and balance of payment
AFRICA DEVELOPMENT BANK
The Africa Development Bank was established in 1964 with the aim of financing developmental projects in Africa. It has it’s headquarters in Abidjan, Ivory Coast (i.e., coted’ivoire). Below are its aims and objectives clearly stated-
- To grant loans to member states and private firms so as to accelerate economic activities that will lead to Africa development.
- To promote development projects that will facilitate the economic development of Africa countries.
- To provide technical assistance for developmental project and programmes embarked upon by member states.
- Provision of fund for the supply of infrastructural facilities like electricity, water, etc.
- To contribute to the economic integration of African countries.
ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC)
OPEC was established in 1960 by five oil exporting countries. It now has thirteen countries as members. Its main objective is to protect the interest of its member and form an economic bloc. Read more of its aims below-
- Stabilization of price of oil in the world market.
- It fixes and allocate production quota member states
- It protect its member from being exploited by multinationals oil company
- Stabilization of oil income of member states.
- To ensure steady supply of goods of oil to consuming nations.
UNITED NATION CONFERENCE ON TRADE AND DEVELOPMENT (UNCTAD)
UNCTAD was established in 1964 to complement the activities of the general agreement on Tariffs and Trade. It has its headquarter in Geneva, Switzerland. And here are its aims and objectives-
- To promote international trade.
- To help poor nation solve their balance of payment problem.
- To aid economic development.
General Agreement on Trade and Tariffs
GATT was an agreement among multilateral countries which was aimed at regulating international trade. GATT was signed in October 1947 by twenty three countries in Geneva, Switzerland and lasted till April 1994. Here are the aims and objectives GATT hoped to actualize-
- To regulate and expand international trade
- Raise the standard of living of the world
- Development and full utilization of world’s resources
- To come up with a tariff that benefit both developing and developed nations.
ASSESSMENT (POST THE QUESTION TITLE AND YOUR ANSWER IN THE BOX BELOW FOR DISCUSSION AND EVALUATION)
- When did the international Monetary Fund (IMF) begin its operations?
- Where are the headquarters of the IMF?
(c) New York
(d) Washington, DC
- Which one of the following is not a function of the IMF?
(a) The promote international monetary cooperation
(b) To promote exchange stability
(c) To promote a multilateral trading system
(d) To promote the development of backward countries
- The Africa Development Bank was established in
- United Nation Conference on Trade and Development (UNCTAD) is headquartered in