+234 813 0686 500
+234 809 3423 853
info@grossarchive.com

THE IMPLICATION OF COMMON CURRENCY FOR WEST AFRICAN COUNTRIES

  • Type:Project
  • Pages:85
  • Format:Microsoft Word
(Accounting Project Topics & Materials)
INTRODUCTION 
BACKGROUND OF THE STUDY 
The actual study for establishment of a common currency for west African state (ECOWAS) and drafting of a programme of monetary and fiscal polices of members states was between 1985 and 1986 period (Arah, 2001: 29). In response to the study, the sub-region monetary co-operation programme involving short and long term measures were seen to be economic flight (Ogwuma 1998:3). The highest level of economic integration is the monetary union, which involves the integration of trade and micro-economic policies and establishment of a common central bank and a single currency. 
The establishment of a monetary union is however consequent on the member states, meeting the convertibility condition of monetary and fiscal prudence and other macro – economic convergence indicators which are the short and long term measures. The short term measures were settlement of areas in the west Africa monetary agency (WAMA), clearing system establishment of a credit guarantee fund, introduction of new payment instrument like ECOWAS travelers cheques and extension of the range of products eligible for transactions through the clearing system. According to Ezema (2001;30) the long term measures include liberation of trade and payment system in all member countries, liberation of all interest and exchange rate, reduction of inflation to a single digit and creation of a single currency zone within the sub-region by the year 2000 (the deadline for achieving the measure by all member countries was set for 1988). However, most member states beat the deadline while the traveler cheques issues was delay due to political and economic muscle flexing between the Unions Economiuqe Manetaire Quest Africa (UEMQA) members and the rest. The traveler cheques afforded one of the most realistic steps towards achieving economic integration and a single momentary zone, but had to suffer several postponement due to various reasons. The initial disagreement among member states was on the modalities for finding the cheques out of the ‘ghost” or imagined position to the members in the scheme of things. In the words of Olajide (2001:31) at another attempt in 1998, some CFFA zone members did not attend the summit on the ground that the delegates wanted to conclude some contracts with their home governments. This was done without notice even as it suffered postponement for another meeting with France before that of the travelers cheques launch. 
In February 1998, at the planned launching in Abuja, all disagreement were resolved under the auspices of an adequate-hoc committee set up by the ECOWAS heads of states composing Cote D’ voice, Ghana, Mali, Togo and Nigeria. Univocally, the CFA zone members were in vanguard of the launching of the travelers cheques in 1999. Ostensibly due to the successful establishment of Euro (the European common currency which will take over the  national currencies in Europe in 2004), and therefore effectively terminate the French Support for CFA. On December 15, 2000, heads of state and governments of ECOWAS in Bamako, Mali approved the decision to establish a common currency by 2003. the decision was the result of the initiative take by Ghana and Nigeria in a bilateral economic meeting on December 1999 to adopt  a two – track system called FAST TRACK APPROACH (FTA) to the implementation of ECOWAS integration programmes for West African  in 2004. The fast track approach recognize the need to have a parallel zone christened West Africa monetary Zone (WAMZ) the UEMOA to work for a gradual merger of the two at appointed period in line with the deadline. 

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 – 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
 
THE IMPLICATION OF COMMON CURRENCY FOR WEST AFRICAN COUNTRIES

Share This

Details

Type Project
Department Accounting
Project ID ACC2490
Price ₦3,000 ($9)
No of Pages 85 Pages
Format Microsoft Word

500
Leave a comment...

    Details

    Type Project
    Department Accounting
    Project ID ACC2490
    Price ₦3,000 ($9)
    No of Pages 85 Pages
    Format Microsoft Word

    Related Works

    Abstract There are around 200+ different currencies used in different countries around the world. Conversion from one currency to another is a very important endeavor especially when it comes to marketing and travel. Currency conversion system is implemented to reduce... Continue Reading
    CHAPTER ONE INTRODUCTION BACKGROUND OF THE STUDY The importance of international technology transfer (international transfer of technology) for economic development can hardly be overstated. Both the acquisition of technology and its diffusion foster... Continue Reading
    TABLE OF CONTENTS CHAPTER ONE Introduction CHAPTER TWO The Concepts of Freedom And Human Rights CHAPTER THREE Situation of Freedom and Human Rights in Nigeria Since the Democratic Dispensation CHAPTER FOUR Nigeria and Its International and Regional Commitments CHAPTER FIVE... Continue Reading
    ABSTRACT This study contributed to the debate on the relationship between military expenditure and economic growth in less-developed economies by investigating the trend; causal relationship and the effect of military expenditure on economic growth in five selected sub-Sahara African Countries namely:- Angola, Cameroon, Kenya, Nigeria and... Continue Reading
    This project work studied and compared the common protozoan parasites of Africa cat fish (Clarias gariepinus) from wild and cultured environment within Bauchi metropolis, a total of 48 samples of C. gariepinus comprising 24 each from both wild and cultured environment were examined for protozoan parasites and only 18 and 13 fishes were infected by... Continue Reading
    This project work studied and compared the common protozoan parasites of Africa cat fish (Clarias gariepinus) from wild and cultured environment within Bauchi metropolis, a total of 48 samples of C. gariepinus comprising 24 each from both wild and cultured environment were examined for protozoan parasites and only 18 and 13 fishes were infected by... Continue Reading
    At the end of the Cold War, Africa was ravaged by conflicts in various regions and that required the intervention of ECOWAS to preserve her regional security. Several instruments were therefore established for the management of conflicts through the ECOWAS Revised Treaty (1993) and other protocols. However, there are problems with the... Continue Reading
    ABSTRACT The impact of foreign capital inflows on the economic growth of sub-Saharan Africa, with emphasis on West African Monetary Zone, WAMZ member countries was studied using panel Data Regression Models and Hausman Test. Outcomes of the study revealed that there is positive and significant relationship between capital flows and the level of... Continue Reading
    Abstract Auditing is continually changing and developing to meet the needs of the business environment it serves. The role of auditing towards ensuring accountability have attracted comments which has always not been good news for the auditing profession, but does indicate a heightened awareness in the society of potential importance of what... Continue Reading
    ABSTRACT The life of computer began with the abacus calculation instrument. It is still used today by people in doing some counting’s. Computer is also an electronic device that accepts data as an input, process the data and finally provides information as an output. The effect of computer usage in banking sector: i.Computer is more... Continue Reading