To improve the balance of payment s position in West African countries, there must be
Answer Details
To improve the balance of payments position in West African countries, there must be an increase in the rate of exportation of goods and services. This means that the countries in West Africa should focus on producing and selling more products and services to other countries, which will bring in more foreign exchange.
Increasing exports can help to improve the balance of payments by generating more income for the country and reducing the need for imports. This can also help to increase the country's foreign reserves, which can be used to pay for imports and other expenses.
Removing barriers to importation of goods and services or increasing domestic consumption of foreign produced goods may have a negative impact on the balance of payments, as it can lead to more imports and less focus on local production and exports. However, the development of the local market can also help to improve the balance of payments by promoting local consumption and reducing the need for imports.
In summary, to improve the balance of payments position in West African countries, increasing the rate of exportation of goods and services is the most effective solution.