FINANCIAL GLOBALISATION AND THE TRAVAILS OF AFRICA'S MONETARY UNION AGENDA THE EXPERIENCE OF WEST AFRICA

Abstract

Globlisation is a multi-dimensional phenomenon with risks and opportunities for States of the world that have been inextricably linked in a complex and interdependent relationship. Meanwhile, Africa remains a mosaic despite the quest for economic integration among African states which predates their colonization. The study interrogated the neoliberal proselytisation of globalisation as an inevitable phenomenon that benefits all states and even fosters regional integration. It equally evaluated the impact of financial globalization on the strategies and mechanisms of monetary cooperation in West Africa. Data for the study were collected largely from documentary sources. Using the Complex Interdependence theory and qualitative descriptive method of data analysis, the paper argued that the pursuit of .regional integration remains ubiquitous in Africa. However, financial globalisation undermines the autonomy of West African States in domestic monetary policy making and vitiates the efficacy of the mechanisms and strategies initiated for monetary cooperation in West Africa. We noted inter
alia, that achieving Monetary Union in the sub-region remains one of the cardinal objectives of ECOWAS and African Union(AUj but despite various arrangements aimed at evolving a common currency in West Africa, the quest for Monetary Union remains a mirage. Although regional integration is not an elixir, the paper appreciates regional integration as a veritable strategy
required to mitigate the risks posed by globalisation and therefore advocates adoption of evidence-based Afro-centric economic reforms, intra regional trade, strong institutional framework and good governance all of which will engender economic stability/convergence and the political will required to achieve a common currency in West Africa.