Economic and monetary integration efforts in West Africa over the past several decades have been highly problematic. However, with the recent commitment of the international community and key international institutions to assist Africa bring about economic advancement, such integration can be achieved. It is within this context of renewed optimism for Africa that this thesis aims to address the role of law and institutions in facilitating closer economic integration and eventual monetary union among the Anglophone states of West Africa This thesis proposes that legal infrastructure and institutions will help achieve and sustain the WAMZ monetary union. It argues for the development of appropriate infrastructural "pillars" for such a union, which would be brought about by comprehensive regional treaty provisions and structures in conjunction with complementary domestic legal and institutional reforms. It focuses specifically on the existence of adequate legal and institutional framework for the integration of the banking markets, central bank independence, and fiscal management in Member States. In assessing these issues, a comparative analysis is provided between the Monetary Union proposed by the Anglophone West African states (WAMZ) and those of the Francophone West African states (WAMU) and the European Union. Nigeria is used as a case study in assessing the state of preparedness of the Member States of this proposed Union, since it has the largest economy in the sub-region and is the main political driving force behind the project of integration. This thesis is divided into two parts comprising six chapters. Part one, consisting of three chapters, considers the legal and institutional requirements for economic integration. Chapter One presents the preliminary background by considering the relevant theories of economic integration and by assessing the benefits and possible drawbacks of such integration within the context of West Africa. Chapter Two provides a historical analysis of economic regional efforts in Anglophone West Africa. This assessment shows that failures of these efforts are attributed, in part, to inadequate legal and institutional arrangements at the regional level. Chapter Three considers the domestic legal and institutional requirements for effective participation in an economic integration arrangement and provides a case study on Nigeria. Chapters Four to Six constitute part two of the work and assess the legal and institutional framework for the proposed monetary union. This second part considers, specifically, whether Member States possess the legal and institutional requirements for the integration of their banking markets, for the preservation of central bank independence and for the effective conduct of fiscal management. By using international standards of best practices, these Chapters assess the adequacy of relevant institutions in Nigeria, which are necessary preconditions for supporting the proposed monetary union.

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The ultimate goal of the African Union is full political and economic integration, which includes a monetary union with a common currency for all member states of the African Union. This monetary integration is proposed to take place in two stages: firstly, through five regions, and secondly, through complete integration. This report examines current trade data for member states of the African Union using k means duster analysis to group countries according to trade patterns. Analysis was performed for the actual US dollar value of trade, as well as considering only the presence or absence of trade. There are limitations to the data collected: firstly, they are annual data, which masks fluctuations in trade due to economic conditions or political developments. Secondly, they are subject to missing or under-reported values. The focus of this research report was to consider trade figures for the first time, and the limitations were considered acceptable in view of the aim of achieving a first approximation of results. When considering all solutions, there are overlaps between clusters, but no definite patterns emerge that are common to all analyses. Considering the F and Euclidean distances of all solutions, the best appears to be that for clusters derived from analysing trade figures between Africa and its trading partners outside Africa. Further analysis of this solution failed to demonstrate viable clusters. The final conclusion to be made from this analysis is that k means clustering of trade figures for member states of the African Union does not generate viable clusters that could be used as steps towards full monetary integration in Africa. Given this conclusion it is recommended that the stepwise progression towards full monetary integration be considered by utilising existing economic arrangements, i.e. by using the five Regional Economic Communities proposed by the African Union. / AFRIKAANSE OPSOMMING: Die uiteindelike doel van die Afrika-unie is volledige politieke en ekonomiese integrasie, wat 'n monetere unie met 'n gemeenskaplike geldeenheid vir al die lidstate van die Afrika-unie insluit. Hierdie monetere integrasie word in twee stadiums beoog: eers deur vyf streke, en daarna deur volledige integrasie. Hierdie verslag ondersoek die huidige handelsdata vir lidstate van die Afrika-unie deur k gemiddelde trosanalise te gebruik om lande volgens handelspatrone te groepeer. 'n Analise is ook gedoen van die werklike VS-dollarwaarde van handel, en deur die aanwesigheid of afwesigheid van handel in aanmerking te neem. Daar is beperkings op die data wat ingesamel is: eerstens is dit jaarlikse data, wat skommelings in handel as gevolg van ekonomiese toestande of politieke ontwikkelings verberg. Tweedens is hulle onderworpe aan ontbrekende of ondergerapporteerde waardes. Die fokus van hierdie navorsingsverslag was dus om handelsyfers vir die eerste keer te oorweeg, en die beperkings is aanvaarbaar beskou in die lig van die doel om 'n eerste benadering van resultate te verkry. Wanneer aile oplossings oorweeg word, is daar oorvleueling tussen trosse, maar geen definitiewe patrone ontstaan wat vir alle analises geld nie. Wanneer die F- en Euklidiese afstande van alle oplossings oorweeg word, lyk dit asof die beste die trosse is wat verkry is uit die analise van handelsyfers tussen Afrika en sy handelsvennote buite Afrika. Verdere analise van hierdie oplossing het nie lewensvatbare trosse aangedui nie. Die finale gevolgtrekking wat uit hierdie analise gemaak kan word, is dat k gemidderde trosvorming van handelsyfers vir lidstate van die Afrika-unie nie lewensvatbare trosse genereer wat gebruik kan word as stappe in die rigting van volledige monetere integrasie in Afrika nie. Met die oog op hierdie gevolgtrekking word daar aanbeveel dat die stapsgewyse vordering na volledige monetere integrasie oorweeg moet word deur bestaande ekonomiese reelings te gebruik, d.w.s. deur die vyf Streeksekonomiese Gemeenskappe te gebruik wat deur die Afrika-unie voorgestel is.

This thesis employs a dynamic form of the gravity model and data from 1988-2005 to estimate the effects of RTAs in SSA on intra-African trade. The thesis proposes a better approach to examining member-nonmember trade relations of RTAs. This thesis is unique because it uses System GMM estimator to overcome econometric issues associated with estimating dynamic models. The results suggest that COMESA and SADC has led to a significant increase in intra and extra-RTA trade. ECOWAS has increased intra-ECOWAS trade but decreased extra-ECOWAS trade. ECCAS has had a negative impact on both intra-ECCAS and extra-ECCAS trade flows. The proposed approach of examining member-nonmember relationships provides better estimates. A comparative analysis is made to shed light on how high or low the trade creation effect of RTAs in SSA are. The results of this thesis support the view that the impact of RTAs in SSA is higher than perceived. / x, 61 leaves ; 29 cm

The Economic Community of West African StatQs (ECOWAS) was established by treaty in 1975 to promote the economic and political well-being of its 16 regional members. As a coordinated effort of geographically associated states ECOWAS joins an expanding group of regional integration schemes created by developing countries. As an international organization with some claim to supranational authority the success of the ECOWAS scheme is of practical and theoretical importance. Success in this sense implies an increasing level of interaction among the ECOWAS members and the development of a regional economic and political position toward non-member states. This coordination of member states' national policy within a regionally constituted political body offers an interesting laboratory for the examination of regional integration efforts. This paper seeks to establish the degree of integration achieved by the ECOWAS members to date and to chart the progress of that integration over time.

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The main purpose of this paper was to explore the role economic partnership agreements play in regional integration. The whole paper was premised on identifying the nature of economic partnership agreements that is conceived as a free trade arrangement. Therefore the paper discussed the feasibility of the reciprocal principle between the European Union and ACP countries, and further indicated that there is no need to implement the principle of reciprocity at present. The paper also discovered that, due to the fact that unequal trade relations between the EU and the ACP countries still exist, the implementation of the EPAs is most likely to generate the complementary but non-competitive trade relations between the EU and the ACP countries. Such a situation could result in the ACP countries over-independence on the EU's market. ACP countries are not expecting to such integration. In addition the paper ascertains that the EPAs themselves could contain the intrinsic negative impacts such as discrimination against the third countries on regional integration.

The main purpose of this paper was to explore the role economic partnership agreements play in regional integration. The whole paper was premised on identifying the nature of economic partnership agreements that is conceived as a free trade arrangement. Therefore the paper discussed the feasibility of the reciprocal principle between the European Union and ACP countries, and further indicated that there is no need to implement the principle of reciprocity at present. The paper also discovered that, due to the fact that unequal trade relations between the EU and the ACP countries still exist, the implementation of the EPAs is most likely to generate the complementary but non-competitive trade relations between the EU and the ACP countries. Such a situation could result in the ACP countries over-independence on the EU's market. ACP countries are not expecting to such integration. In addition the paper ascertains that the EPAs themselves could contain the intrinsic negative impacts such as discrimination against the third countries on regional integration.

Motivation of virtually all regional economic integration (REI) initiatives has been prospect of enhanced economic growth. Although REI's role in contributing to growth and development was recognised and acknowledged, its importance in Africa has never been properly outlined. Theoretical background, economic assumptions and evidence of REI are examined to bring out REI's importance to Africa. Depicting from these, benefits and challenges of REI in Africa are explored. This dissertation analyses the progress, pace, approach, sequence of REI in Africa looking at different variables. Africa's regional integration blueprint and institutional framework are compared to EU's but selected areas are identified as essential for Africa. Progress on REI has been found to be slow. This study concludes that REI should be viewed as one aspect of strategy towards Africa's development and growth. However, the benefits of REI make it imperative for it to remain the central pillar of Africa's development agenda. / Economics / M.Com. (Economics)

Motivation of virtually all regional economic integration (REI) initiatives has been prospect of enhanced economic growth. Although REI's role in contributing to growth and development was recognised and acknowledged, its importance in Africa has never been properly outlined. Theoretical background, economic assumptions and evidence of REI are examined to bring out REI's importance to Africa. Depicting from these, benefits and challenges of REI in Africa are explored. This dissertation analyses the progress, pace, approach, sequence of REI in Africa looking at different variables. Africa's regional integration blueprint and institutional framework are compared to EU's but selected areas are identified as essential for Africa. Progress on REI has been found to be slow. This study concludes that REI should be viewed as one aspect of strategy towards Africa's development and growth. However, the benefits of REI make it imperative for it to remain the central pillar of Africa's development agenda. / Economics / M.Com. (Economics)

Africa has always aspired for the economic integration of its markets. This endeavour is evident right from the 1960s clamour for independence and shortly thereafter, as newly independent states. During this period African countries under the umbrella of the OAU underscored economic cooperation as the basis for intra-African relations. However, it was not until the year 1991, with the conclusion of the AEC Treaty, that the continent formally adopted a framework and roadmap towards continental economic integration. The 40-year roadmap towards a continental economic community was premised upon the two principles of harmonisation and devolution. Moreover, the six-stage integration process set out in Article 6 of the AEC Treaty identifies the eight RECs in Africa as the building blocks for the continent’s proposed single market and economic union. It also underpinned the economic integration of the continent on the harmonious co-existence of the RECs. A step-wise ambitious integration model was adopted under Article 6 of the AEC Treaty. The model envisaged the creation of a Free Trade Area (FTA), followed by a Customs Union, a Common Market and ultimately a fully-fledged Economic Union. As a first step towards the continental integration, the African Continental Free Trade Area (AfCFTA) was unveiled in 2018. Cross border, intra-African trade, is bound to lead to a rise in investment and commercial transactions on the continent. This, in turn, will inevitably lead to disputes which require resolution. The economic integration of the continent is fast evolving under the aegis of the AU; whose dispute settlement system is currently also under review. Significantly, the AU has consolidated its dispute settlement mechanism, following the merger in 2008 of the ACJ and ACH&PR, into a single AU court, known as the African Court of Justice and Human Rights (ACJ&HR). It is within the context of the merged AU single court that this thesis grounds itself. It seeks to interrogate the adequacy of the continental trade and investment dispute settlement system and examines its viability within the consolidated AU dispute settlement system. While the AU led continental economic integration gains pace, the dispute settlement system, critical for the integration, is either lagging behind or is not receiving adequate attention. As a result, the dispute settlement systems created under the AEC and AfCFTA are incongruent with the principles of harmonisation and devolution, which underpin the continent’s economic integration goals. The recommendations proffered, align with the philosophy of harmonising and devolving the continental trade and investment dispute settlement system. The research proposes to locate the continental trade and investment dispute settlement within the AU single court system. The principal recommendation is not only to expand the Court’s jurisdiction in order to accommodate the trade and investment mandate, but also to use sub-regional REC judicial organs as courts of first instance for the ACJ&HR. A hierarchical order of the continental court system, with the single AU Court at the apex, is also proposed in this study as the supreme overarching supranational judicial organ. / Public, Constitutional, and International Law / LL.D.