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An Assessment Of The Status Of Macroeconomic Convergence In The West African Monetary Zone (2015 And Beyond)

Author

Listed:
  • Multilateral Surveillance & Trade Department

    (West African Monetary Institute, Accra, Ghana)

  • Research & Statistics Department

    (West African Monetary Institute, Accra, Ghana)

Abstract

Member States of the West African Monetary Zone (WAMZ) have made considerable efforts to meet the ECOWAS macroeconomic convergence criteria on a bumpy road to regional integration in West Africa. However, the launch of the single monetary zone in the WAMZ was postponed several times owing to difficulties in complying with the convergence benchmarks on a sustained basis. This study assesses the status of macroeconomic convergence of WAMZ countries in readiness for the launching of the ECOWAS Single Currency Programme 2020. Available data showed that, no WAMZ Member State complied with all the primary criteria on a sustained basis during 2015 – 2019 as required by the Macroeconomic Convergence and Stability Pact, posing threats to the actualisation of the ECOWAS Single Currency Programme 2020. The study recommended among others the need for WAMZ countries to develop national convergence programmes on the prescribed convergence criteria and amend their Public Financial Management Acts to enable them set limits for budget deficits in line with the convergence thresholds.

Suggested Citation

  • Multilateral Surveillance & Trade Department & Research & Statistics Department, 2020. "An Assessment Of The Status Of Macroeconomic Convergence In The West African Monetary Zone (2015 And Beyond)," West African Journal of Monetary and Economic Integration, West African Monetary Institute, vol. 20(1b), pages 77-105, June.
    • Handle: RePEc:wam:journl:v:20:y:2020:i:1b:p:77-105
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    More about this item

    Keywords

    ECOWAS Single Currency Programme; Macroeconomic Convergence; primary criteria; WAMZ;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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