Title: The Impact of Common Currency on Econmic Integration in Africa
Authors: Patience Mwaka Namfukwe
Volume: 8
Issue: 9
Pages: 363-365
Publication Date: 2024/09/28
Abstract:
The impact of a common currency on economic integration in Africa is a critical area of study, particularly given the continent's diverse economic landscapes and historical challenges. This article explored the theoretical and empirical implications of adopting a common currency within various African regional economic communities (RECs). It highlighted the potential benefits, such as reduced transaction costs, increased trade, and enhanced macroeconomic stability, while also addressing the challenges posed by economic disparities, political instability, and the historical context of monetary unions in Africa. Through a comprehensive review of existing literature, this article aimed to provide insights into the feasibility and implications of monetary integration in Africa, ultimately contributing to the discourse on regional economic development.