Dollarization in anglophone West African countries: a case study of Nigeria and Ghana

Salewa Olawoye and Emmanuel Graham

Chapter 8 in Central Banking, Monetary Policy and the Political Economy of Dollarization, 2025, pp 217-233 from Edward Elgar Publishing

Abstract: The West African region and the sub-Saharan African region, in general, have been plagued with years of struggles in development characterizedby weak political institutions, ethnic crises, repressive financial systems, the imposition of capital controls, and smaller private sectors than in other regions. In addition, this region has been known as a commodities market for cash crops even before colonialism. As a result, the currency for international trade, the United States Dollar (USD), plays an important role in the financial systems and economies of this region. This chapter approaches the topic of dollarization in sub-Saharan Africa from Nigerian and Ghanaian perspectives. We do so by studying trends in dollarization in these regions, the responses of the central banks, and the implications of these policy responses in achieving financial stability in these regions.

Keywords: Dollarization; Sub-Saharan; Bretton Woods institutions; Nigeria and Ghana (search for similar items in EconPapers)
Date: 2025
ISBN: 9781803925325
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