Empirical Analysis of the Prospect for Single Currency in West African Sub-Region

Abdurrauf Babalola () and Elias Bayo Olalowo

Academic Journal of Economic Studies, 2020, vol. 6, issue 1, 12-21

Abstract: The study investigated empirically, the prospect for single currency in West African sub-region. Latest data from the fifteen members of ECOWAS was collected on basically six major criteria for monetary union. Simple bar chat was used to showcase the position of each member at present and the readiness for such monetary union. Descriptive statistics was employed to analyse the convergence tendency of member states using all six criteria which are economic indicators. The result divulged that, except for exchange rate that has convergence to a large extent, all the other criteria were very far from merging or uniting. In essence, the ECOWAS members are not fully prepared for such a monetary union, come January 2020. The study suggests that more time be given to all members to improve on their economic indicators and surplus members should assist the shortage states to realize this aim.

Keywords: ECOWAS; ECO Currency; Single Currency (search for similar items in EconPapers)
JEL-codes: E52 E58 F15 (search for similar items in EconPapers)
Date: 2020
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