Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264263 
Authorgroup: 
Multilateral Surveillance & Trade and Research & Statistics Departments, West African Monetary Institute (WAMI)
Year of Publication: 
2020
Citation: 
[Journal:] West African Journal of Monetary and Economic Integration [ISSN:] 0855-594X [Volume:] 20 [Issue:] 1b [Publisher:] West African Monetary Institute (WAMI) [Place:] Accra [Year:] 2020 [Pages:] 77-105
Publisher: 
West African Monetary Institute (WAMI), Accra
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
Subjects: 
ECOWAS Single Currency Programme
Macroeconomic Convergence
primary criteria
WAMZ
JEL: 
F15
F45
Document Type: 
Article

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