Strategizing for Economic Stabilization Amid Covid-19 Pandemic in the ECOWAS Region

Abstract

The Covid-19 crisis has devastated economies worldwide and those of the ECOWAS Region have come tumbling after. The region, before this epidemic, has been battling with the challenges of economic and non-economic factors. However, with the outbreak of the Coronavirus these challenges have worsened. ECOWAS, which was established to alleviate poverty and foster economic progress by means of diminishing regional barriers to trade, eliminating hurdles in border crossing, eliminating inadequacy of power supply and transport facilities, paradoxically found its member countries pursuing or tending towards autarky. Furthermore, with the problems of fighting the spread of the virus amid poverty, hunger and destitution, these lofty and laudable goals of ECOWAS were relegated and abandoned as member countries became nervous with increases in the rate of infections.As the virus ravages member states, the restrictions put in place without social and unemployment benefits and without adequate palliatives to mitigate hunger, the frustrated masses started resisting border closures, lockdowns, social distancing, self-isolation and quarantine requirements. Therefore, it was increasingly becoming discernible that these restrictions must be relaxed. But how do the political leaders of the member countries reopen economic activities without reactivating or inducing a rebound in the rate of infections? This question became the arcanum for the political leaders, public-health experts and economists in the region. In this regard, the n-Curve hypothesis with appropriate choice of public-policy measures are hereby proposed as pathways towards enabling the reopening of economic activities within the region in phases.