(a) What is economic planning? (b) Outline the problems associated with economic planning in West Africa.

Answer Details

(a) Economic planning is the deliberate and conscious effort by the government to direct and control the economic activities and resources of a country towards achieving stated economic objectives (such as growth, full employment and development) over a specified period of time. It involves setting targets and allocating resources through a coordinated plan.

(b) Problems of economic planning in West Africa:

• Inadequate and unreliable data (statistics): lack of accurate figures on population, resources and income makes it hard to set realistic targets.
• Shortage of capital/finance: insufficient funds to execute planned projects, forcing reliance on foreign loans and aid.
• Shortage of skilled manpower: few trained planners, administrators and technicians to prepare and implement the plans effectively.
• Political instability: frequent changes of government interrupt or abandon plans midway.
• Corruption and mismanagement: diversion of funds and inefficiency reduce the resources actually reaching projects.
• Over-dependence on external factors: reliance on imported inputs, foreign experts and volatile export earnings makes plans vulnerable to outside shocks.
• Natural disasters and unforeseen events: drought, flood and disease can upset planned targets.
• Poor implementation and lack of continuity: weak machinery for execution and monitoring means plans are often not carried out as designed.