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MAJOR ECONOMIC PROBLEMS IN THE WEST AFRICAN SUB-REGION

MAJOR ECONOMIC PROBLEMS IN THE WEST AFRICAN SUB-REGION . COMPRISING: GHANA NIGERIA SIERRA-LEONE. UNDEREMPLOYMENT/ UNEMPLOYMENT: BALANCE OF PAYMENT DEFICIT HIGH ILLITRACY LEVEL LACK OF INFRASTRUCTURE CORRUPTION/FINANCIAL MISMANAGEMENT BRAIN DRAIN OVER POPULATION INFLATION.

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MAJOR ECONOMIC PROBLEMS IN THE WEST AFRICAN SUB-REGION

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  1. MAJOR ECONOMIC PROBLEMS IN THE WEST AFRICAN SUB-REGION COMPRISING: GHANA NIGERIA SIERRA-LEONE

  2. UNDEREMPLOYMENT/ UNEMPLOYMENT: • BALANCE OF PAYMENT DEFICIT • HIGH ILLITRACY LEVEL • LACK OF INFRASTRUCTURE • CORRUPTION/FINANCIAL MISMANAGEMENT • BRAIN DRAIN • OVER POPULATION • INFLATION

  3. UNDEREMPLOYMENT/UNEMPLOYMENT • Aim: Reduction in the unemploymrent /underemployment rate: - Labour Market Survey - Encourage direct investments in the economy - Tax concession - Overhaul our education policy

  4. BALANCE OF PAYMENT: • Aim: Ensure Balance Of Payment - Diversification of production and market - Increase import duties on luxury goods

  5. HIGH ILLITRACY LEVEL: • Aim: Reduction of Illitracy Rate: - Set target - Adult literacy classes - Girl Child Education - Set up Education Trust Funds - Reduction of tax on educational materials/equipment - Free and compulsory primary education

  6. LACK OF INFRASTRUCTURE • Aim: Improvement in Infrastructure: - Encourage investments and private participation in building hospitals, schools, roads etc. - Reduction in lending rate - Maintenance culture

  7. CORRUPTION/MISMANAGEMENT OF FUNDS • Aim: Drastic reduction in corruption: - Strict financial management - Wage/Salary review - Budgetary control - Introduction of penalties/incentives to punish or encourage corrupt or good officers

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