AN EVALUATION OF MONETARY INTEGRATION IN THE ECONOMIC COMMUNITY OF WEST-AFRICAN STATES (ECOWAS)
AN EVALUATION OF MONETARY INTEGRATION IN THE ECONOMIC COMMUNITY OF WEST-AFRICAN STATES (ECOWAS)
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Date
2000
Authors
Usman Kurfi, Bashir
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Abstract
Monetary integration is the process of moving from the situation where
each country or subset of countries within a region has its own currency or
exchange arrangement, with different degrees of convertibility, to one were
all countries within a region share a common currency and consequently a
unified exchange arrangement under the supervision of a supranational
monetary institution
The Economic Community of West African States (ECOWAS) which
was established a Treaty signed in Lagos in 1975, has as one of its principal
objectives, the achievement of monetary cooperation of its member states. In
furtherance to this objective, the Authority of Heads of States and
Governments at its 1987 annual summit agreed on a programme of actions,
and in 1990 annual summit, the Authority approved a time-table for the
application of measures to achieve the creation of a single monetary zone by
1994. Consequently a Study Group set up by the committee of Governors of
Central Banks in ECOWAS recommended the introduction of a common
currency for the region by the year 2000. Within this context therefore, this
study attempts to evaluate the state of preparedness of ECOWAS member
states towards the achievement of the monetary integration within the subregion
in line with the original objective.
The study examined the performance of countries on the basis of
various target indicators as agreed by the member states, (i.e. Exchange Rate
Variability, Inflation, Deficit/GDP Ratios) in ascertaining the degree of
convergence: Chi-Square test was used to evaluate the extent of uniformity of
convergence of the various countries and concluded that most countries in the
region fail to meet the convergence criteria supporting the view that, it is
unlikely to achieve monetary integration in the short or medium term
Description
A Dissertation Submitted to the Postgraduate School, Ahmadu Bello
University, Zaria in Partial Fulfillment for the Award of the Degree of
Doctor of Philosophy in Business Administration.
Department of Business Administration
Faculty of Administration
Ahmadu Bello University
Zaria
2000
Keywords
EVALUATION,, MONETARY,, INTEGRATION,, ECONOMIC,, COMMUNITY,, WEST-AFRICAN,, STATES, (ECOWAS)