Monetary integration in West Africa

Abstract

This issue of the Development Bulletin of the ECA Sub Regional Development Center for West Africa (SRDC-WA) continues with the debate on the subject initiated in Issue no.7. The first article addresses the broader subject of development financing. It begins with an overview of the major development paradigms and their implications for development financing, and explores some lessons for Africa on the basis of the Asian experience. The ideas contained in the article should serve as reference points for the second article, The second article dwells substantially on the challenges of monetary integration in the sub region. Following an analysis of the ECOWAS' convergence criteria. it opens a conceptual debate on the gains and losses from monetary integration and concludes with some implementation problems and solutions in ECOWAS. It is hoped that the article will contribute to rekindling discussions on the on-going monetary arrangements which are expected to have far-reaching consequences for economic integration in the sub region, and, subsequently, on the lives of the peoples of West Africa.