THE IMPLICATION OF COMMON CURRENCY FOR WEST AFRICAN COUNTRIES

By

OGBONNA, PATIENCE N. AC/H2002/354

Presented To

Department of Accountancy

    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 â€" 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 â€"being an boost their political and economic image worldwide.

TABLE OF CONTENTS
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 â€" 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 â€" common currency             21
2.5    Global common currency                 23
2.5.1    The Euro â€" 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