ECOWAS SINGLE CURRENCY AND THE POLITICAL CONSTRAINTS

Yusuf, Abdullahi Shehu and Ahmad, Abdullahi Ayoade (2016) ECOWAS SINGLE CURRENCY AND THE POLITICAL CONSTRAINTS. In: International Social Science and Tourism Research Conference, 20-22, UNISZA. (Unpublished)

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Abstract

Economic Community of West African States (ECOWAS), a regional institution comprising of fifteen nations. It emerged on May 28 1975 in Lagos Nigeria. One of the reasons behind the establishment is to ensure the existence of a single currency in the region. The desire to integrate the region into one economic bloc that will lead to the circulation of a single currency has been in the agenda of various regional heads of states conferences, but it was discovered that colonial loyalty and the long existing monetary cooperation of Francophone nations with France was a strong impediment towards the proposal of such target also member states have not been able to meet the set of convergence criteria which led to delays and shift of dates in establishing a common currency. In addition, there is lack of political will and fear of domination among ECOWAS member states. To solve this problem, it was agreed in April 2000 in Accra Ghana, a two-fast track approach strategy should be adopted for the realization of single currency. For the first track, the non West African Economic and Monetary Union (WAEMU) were to formed a second monetary union called the West African Monetary Zone (WAMZ) by July 2005, which comprises mainly of Anglophone nations, with the second track being the subsequent merging of WAEMU and WAMZ to form a single currency union in the region. This work is aimed at examining the political constrain behind the constant shifting of dates for ECOWAS single currency integration, those obstacles and other unforeseen circumstances that had contributed to the delay from the target dates shifting from 2003 to 2005, 2009 and 2015 was unachievable. The finding will suggest way for accelerating the plan action and ensure the newly target will not lapse as before. The research is qualitative in nature as such content analysis was adopted

Item Type: Conference or Workshop Item (Paper)
Keywords: Keywords: ECOWAS, Single Currency, Political Constraints, European Influences, and Regional Leader
Subjects: J Political Science > JZ International relations
Faculty / Institute: Faculty of Law, Accountancy & International Relations
Depositing User: Dr Abdullahi Ayoade Ahmad
Date Deposited: 08 Sep 2016 03:53
Last Modified: 08 Sep 2016 03:53
URI: http://erep.unisza.edu.my/id/eprint/4978

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