This study examines the triangular relationship between the flows of foreign direct investments (FDIs), public governance as measured by WGIs (Worldwide Governance Indicators) and economic growth in the 15 countries of the Economic Community of West African States (ECOWAS) between 1996 and 2011. The authors conclude that there is a negative relationship between FDIs and economic growth. More importantly, the effect of public governance was analyzed using the estimated coefficients of the variables voice and accountability, quality of regulation, government effectiveness, political stability and absence of violence, rule of law and corruption control, and the results showed that for half of these indicators, governance contributes negatively to the economic growth of ECOWAS countries.