West African Economic and Monetary Union (WAEMU) Countries
IMF Research Bulletin › Nbr. 6-1, March 2005
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Summary
In 1999, the WAEMU countries-Benin, Burkina Faso, Côte d'Ivoire, Guinea Bissau, Mali, Niger, Senegal, and Togo-adopted a regional "Convergence, Stability, Growth, and Solidarity Pact." The pact provides a framework for fiscal convergence similar to the European Union's Maastricht Treaty, and stresses the need to reinforce convergence through further progress with structural reforms and the harmonization of sectoral policies. The aim is to strengthen economic stability and growth through regional integration. This article reviews recent IMF research on the WAEMU and its main challenges, including the need to expand markets by widening the union.
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West African Economic and Monetary Union (WAEMU) Countries
The single most important challenge facing the WAEMU countries is to reduce poverty through enhanced macroeconomic stability and growth. Wane (2004) finds that the driving force behind growth in WAEMU countries has been investment in human and physical capital, rather than growth in total factor productivity (TFP). He also finds that per capita income in lowe...
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