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Monetary Integration in West Africa: History, Theory, Policy

Youssef El Jai | June 30, 2020

Prior to the colonial era, money issuance in West Africa depended on slave trade. With the advent of the colonialrule, silver coins were imported then progressively imposed as a tool of coercion. The post-colonial trajectory wasdifferent for former British and French colonies. While the former regained their monetary sovereignty, the lattercontinued under a monetary union under the auspices of France. The proposal of the Eco as a single currency forECOWAS is therefore a whole new step for some countries and a simple exercise of adaptation for others. Hence,a bold policy agenda is needed if the currency union is to be a success.