The study investigates the possibility of the WAMZ member countries converging towards the formation of a second monetary arrangement within the West African sub-region by 2015. In this line targets were set for the member countries to be met in order to ensure a strong and
viable unification. Hence, the precondition for the take-off requires that atleast three countries must satisfy atleast three primary and secondary criteria. However, despite past efforts towards this project continuous postponements have been the tradition. The work applies cointegration
techniques to search for long-run convergence among the five countries; Gambia, Ghana, Guinea, Nigeria and Sierra Leone. Data on all the criteria; budget deficit/GDP ratio, inflation rate, budget deficit financing/tax revenue, gross external reserves, domestic arrears, tax revenue/GDP ratio, wage bill/tax revenue ratio, public investment/tax revenue, real interest rate and real exchange rate were analysed to test for their co-movement. The findings show that, base on the prevailing situation and taking things as they were, the countries are most likely to meet the set targets for the commencement of this project by 2015. It therefore implies that, a second monetary zone is feasible on or before the set date especially if the countries put more efforts and discipline
