An Evaluation of the Prospects for the Harmonization of Business Laws in West Africa

Abstract

Globalization of trade has led to the building of economic alliances among States in which geographical boundaries
and vestiges of sovereignty no longer have any significant political meaning. Africa, especially the West African
sub-region is not left out of this global trend. To however achieve full economic and regional integration, there is
the need to harmonize business laws in the Sub-Region and this idea has received tremendous support from legal
and industry experts as a veritable instrument towards the achievement of economic integration of member States.
Using the doctrinal research methodology, this paper appraised the advantages and prospects of a harmonized
business law regime in the ECOWAS sub-region, especially in terms of the certainty and uniformity it offers and how
it impacts the seamless and effective implementation of the West African economic master plan. This paper also
examined the factors inhibiting the harmonizing of business laws in West Africa, and the adverse effect of
fragmented business laws on economic integration and growth agenda of the region. This paper recommended that
the harmonization of business laws in West Africa should be drawn from other climes with harmonized business
laws like OHADA. This paper also reviewed the strengths and weaknesses of the OHADA regulatory framework and
suggested ways in which the development of a harmonized set of business laws can be achieved.