Problems of Economic Planning:

(i). Lack of Data: The basic limitation to economic planning in West Africa is lack of accurate, sufficient or detailed information on the economy. In the absence of adequate data planning cannot be effectively done. There is the need to improve our database so as to enhance effective planning and implementation.

(ii). Lack of coordination - Planning involves coordination between various ministries. These bodies may become semi-autonomous and as such coordination between them becomes very difficult. This may affect the formulation and implementation of economic development plans.

(iii). Failures of Foreign Resources to Materialize - To make supply to funds consistent with projected requirement, all foreign aids are specified in the Plan. This does not ensure that the level of foreign aid specified will materialize. In both the 5-year and the 7-year D-Plans in Ghana, the expected foreign investment and loans did not materialize. This affected the implementation of the 5yr as well as the 7yr development plans.

(iv). Failure of Politicians to Follow the Plan -Politicians at times may not subject themselves to the disciplines of planning even when actual projects contained n the plan had been launched. Crucial elements in the plan may be unpalatable to particular classes, groups, and tribes which have vested interest in the status quo within a country.

(v). Political instability - Historically, economic planning had been affected by political instability. Ghana's 7 year D-Plan was abandoned during the 1966 coup. These instabilities discourage investment since the safety of investors cannot be guaranteed.

(vi). Shortage of Manpower - The formulation and implementation of any economic development programme poses management problems. Without the right skilled personnel and properly structured management, an economic development plan cannot be effectively implemented. Availability of such skilled manpower is a problem in developing countries.