Monetary and Financial Integration in West Africa details the progress, challenges faced, and potential of the project intended to create a West African Monetary Zone (WAMZ) between Gambia, Ghana, Guinea, Nigeria and Sierra Leone. Given the trend towards regionalization of economic ties across the world, especially after the successful launch of the euro, a detailed analysis of the WAMZ is needed. As this is the first book on monetary and financial integration in Gambia, Ghana, Guinea, Nigeria and Sierra Leone, it is an essential read for anyone interested in economic development in West Africa, and indeed in Africa as a whole.
This book is extremely well-researched, with detail on virtually all aspects of economic integration in the region; with issues ranging from the institutional details of integration, trade and financial market integration, to progress on convergence of macroeconomic fundamentals to the required payments system infrastructure. The book deploys solid empirical facts and sophisticated analyses to thoroughly defend its assertions. This collection is a valuable contribution and an excellent companion book for monetary economics or international economics classes as well as African development literature. It will provide students and researchers with an exciting chance to apply concepts of, for example, optimum currency areas, central bank structure or monetary policy approaches, to a real-world case of potential monetary union.
Dr. Temitope W. Oshikoya and his collaborators have written the authoritative book on the subject of monetary union in the West African Monetary Zone. As is evident in the level of detail of the book, Dr. Oshikoya brings rich field experience from his role as Director General and CEO of the West African Monetary Institute. This book will be of interest to postgraduates and researchers in development economics; as well as policymakers, monetary authorities and development practitioners.
"This book is a valuable resource for researchers on economic integration in developing economies generally, as well as for central bankers and governments interested in pursuing such integration."
Jagdish Handa, McGill University
1. Introduction Temitope W. Oshikoya Part 1: Economic Integration 2. The political context Temitope W. Oshikoya, John H. Tei Kitcher and Emmanuel Ukeje 3. Analytical framework Temitope.W. Oshikoya, Emmanuel Onwioduokit, and Abu Bakarr Tarawalie 4. Characteristics and structural convergence of the WAMZ economies Temitope W. Oshikoya, Emmanuel Onwioduokit, Abu Bakarr Tarawalie and Rohey Khan 5. Nominal macroeconomic convergence Emmanuel Onwioduokit, lamin Jarju, Tidiane Syllah, Jibrin Yakubu and Hilton Jarrett 6. Fiscal sustainability in the WAMZ Temitope W. Oshikoya, Emmanuel Onwioduokit, Abu Bakarr Tarawalie and Rohey Khan Part 2: Market Integration in the WAMZ 7. Trade integration and a common market Temitope W. Oshikoya, Lanto Harding and Cyprian K. Eboh 8. Financial integration Temitope.W. Oshikoya, Abdoulaye Barry and Emmanuel Adamgbe 9. Payments system infrastructure Chris Odiaka,Twum Ohene-Obeng Tajudeen Nasiru Part 3: Operational and Institutional Framework 10. Monetary policy framework and statistical harmonization Emmanuel Ukeje, Momodu Sissoho and Mohamed Conte 11. Legal and institutional framework Hussein Thomasi, Adeniyi Karunwi, Linda Omolehinwa and Gladys Kufuor 12. A comparative analysis Temitope W. Oshikoya, John H. Tei Kitcher and Emmanuel Onwioduokit