Implication Of Common Currency For West African Countries
This project research is primarily aimed at dealing with the implications of a common currency for West African countries. As the world is geared towards globalization, West African countries deemed it very imperative to adopt the use of common currency in the sub-region just like their European or Francophone counterparts.
The central focus of this research is to know the extent to which the ECOWAS member states have gone in establishing a common currency for West African, to find out if the introduction of West African common currency will enhance economic growth and development in the sub-region; to examine some policy measures introduced to boost the adoption of a west African common currency. To achieve these, the researcher made use of both primary and secondary data questionnaire were extensively distributed to the officials of CBN (Enugu zonal office), First Bank Plc (zonal office Enugu) and NACIMA also in Enugu.
Based on the objectives of the study, the findings reveal that the extent to which the ECOWAs member states have gone in establishing a common currency for west Africa is not impressive nor encouraging. The establishment of a common currency for west Africa will only enhance economic growth and development in the sub – region if member stats are sincere and dedicated to the common objective, the policy measures introduced to boost the adoption of a west Africa, common currency is less encouraging and other berecuatracice associated with the introduction of common currency for west Africa in relation to trade within the sub-region could not help matters. Based on this findings, recommendations were member states that should be dedicated and committed to the project as it will, unequivocally, enhance their economic well –being an boost their political and economic image worldwide.
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Title Page II
Approval page III
Dedication IV
Acknowledgement V
Table of contents VII
List of tables
Proposal VI
CHAPTER ONE
1.0 Introduction 1
1.1 Background of the study 1
1.2 Statement of the problem 4
1.3 Purpose of the study 5
1.4 Research questions 6
1.5 Significance of the study 6
1.6 Scope and limitation of the study 7
reference 9
CHAPTER TWO
Literature review 10
2.1 Introduction 10
2.2 West African Countires – ECOWAs 12
2.3 Problem of ECOWAs 17
2.4 West African Currency Board (WACB) 18
2.4.1 West African Currency Board operation 20
2.4.2 The concept – common currency 21
2.5 Global common currency 23
2.5.1 The Euro – Dollar 23
2.6 The need for global common currency 24
2.7 Management, headquarters and mode of operation of West African Common Currency 31
2.8 The prospect o common currency for West African 33
2.9 The problems facing the establishment of common currency for Africa. 35
2.10 References 39
CHAPTER THREE
Research methodology
3.1 Method of investigation 42
3.2 Instrument of data collection 42
3.3 Primary sources of data 43
3.4 Secondary sources of data 43
3.5 Population and determination of sample size 44
3.6 Validity and reliability of research instrument 46
CHAPTER FOUR
Data presentation and analysis 47
4.1 Data analysis techniques 47
4.2 Analysis of questionnaires 48
CHAPTER FIVE
Summary of findings, recommendations and conclusion
5.1 Summary of findings 65
5.2 Recommendations 66
5.3 Conclusion 68
Bibliography 69
Appendix 73
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