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This Course is designed to assess students’ knowledge of basic economic principles needed for rational decision making relating to individuals, businesses, government, and society. Such knowledge is necessary for enhancing their appreciation of government economic policies, problems of implementation, and how they impact the economy. This will help candidates to understand that economics is not only an academic field of study but also a practical subject.


At the end of the course, students will gain

  1. knowledge of the basic economic principles, concepts, and the tools for economic analysis;
  2. understanding of the structure and functioning of economic institutions – commercial, agricultural, industrial and financial institutions;
  3. understanding of the basis for rational economic decisions;
  4. ability to explain the basis and structure of the West African economy, including the roles of agriculture, industry and mining and their contributions to the national income;
  5. ability to follow the role and status of the West African countries in international economic relationships;
  6. ability to appreciate the problems West African countries encounter in their economic development.

Course Curriculum

Money and Inflation
Money – definition and historical development-barter and its problems 00:00:00
Types, characteristics functions 00:00:00
Supply of and demand for money 00:00:00
value of money and the price level. 00:00:00
Inflation – Definition 00:00:00
Types of Inflation 00:00:00
Causes, Effects and Control of Inflation 00:00:00
Financial Institutions
Types of Financial Institutions 00:00:00
Development and Functions of Financial Institutions 00:00:00
Money and capital markets 00:00:00
Public Finance
Fiscal policy and objectives of public finance 00:00:00
Taxation 00:00:00
Principles/Canons of Taxation 00:00:00
Rates of taxation 00:00:00
Direct and Indirect taxation 00:00:00
Public Expenditure 00:00:00
Government budget and the National Debt 00:00:00
Economic Development and Planning
Meaning of economic development 00:00:00
Distinction between Economic Growth and Development 00:00:00
Characteristics and problems of developing countries 00:00:00
Elements of development planning 00:00:00
Types of plans 00:00:00
International Trade and Balance of Payment
International Trade 00:00:00
Terms of Trade 00:00:00
Commercial Policy 00:00:00
Trend and structure of West African countries’ external trade. 00:00:00
Balance of Payments 00:00:00
Meaning and Components of balance of payments 00:00:00
Balance of Payments Disequilibrium 00:00:00
Balance of Payments Adjustments 00:00:00
Financing 00:00:00
Economic Integration
Objectives, Features and Levels of Economic Integration 00:00:00
Development and Problems of Economic Integration in West Africa- ECOWAS 00:00:00
International Economic Organisation
Organization of Petroleum Exporting Countries (OPEC) 00:00:00
Economic Commission for Africa (ECA) 00:00:00
International Monetary Fund (IMF) 00:00:00
International Bank for Reconstruction and Development (IBRD) 00:00:00
African Development Bank (AfDB) 00:00:00
United Nations Conference on Trade and Development (UNCTAD 00:00:00
Major Natural Resources
Petroleum – positive and negative on effects on West African economies 00:00:00
Gold – positive and negative on effects on West African economies 00:00:00
Diamond – positive and negative on effects on West African economies 00:00:00
Timber – positive and negative on effects on West African economies 00:00:00
Groundnut – positive and negative on effects on West African economies 00:00:00
  • $7
  • 30 Days

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