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Currency Union As a Panacea for Ills in Africa: a New Institutional Framework and Theoretical Consideration
Munich Personal RePEc Archive Currency Union as a Panacea for ills in Africa: A New Institutional Framework and Theoretical Consideration Abban, Stanley Kwame Nkrumah University of Science and Technology 11 December 2020 Online at https://mpra.ub.uni-muenchen.de/105459/ MPRA Paper No. 105459, posted 25 Jan 2021 20:11 UTC 1.0 INTRODUCTION A currency union is a union to which two or more countries agree to surrender their monetary sovereignty to adopt an official currency issued by a Central Bank tasked with formulating and implementing monetary policy. Currency union came to light when there was a need for choosing a suitable exchange rate regime as an improvement on the fixed exchange rate. Comparatively, currency union is superlative to fixed exchange rate due to equalization of price through the laid down nominal convergence criteria and the introduction of a common currency to ensure greater transparency in undertaking transactions (Rose, 2000; Abban, 2020a). Currency union is touted to emanate several gains and has the potential to be disastrous based on the conditionality among member-states. Empirical studies emphasize the main advantages of currency union membership lies with the elimination of exchange rate volatility to increase savings, relaxation of policies that hinder the free movement of persons and capital to improve trade and tourism, price transparency to intensify trade, and the ability to induce greater Foreign Direct Investment (FDI) to stimulate intra-trade flows (Rose, 2000; Micco et al., 2003; Aristotelous & Fountas, 2009; Rodriguez et al, 2012). The key areas that benefit from currency union membership include production, the financial market, the labour market, tourism, the private sector, the political environment among others (Karlinger, 2002; Martinez et al, 2018; Formaro, 2020). -
African Transformation Forum 14-15 March 2016, Kigali, Rwanda
AFRICAN TRANSFORMATION FORUM 14-15 MARCH 2016, KIGALI, RWANDA Event Report Sonia Hoque Overseas Development Institute, London 23 March 2016 INTRODUCTION On 14th and 15th March 2016, the African Center for Economic Transformation (ACET), in partnership with the Government of Rwanda, convened the first African Transformation Forum (ATF) in Kigali, Rwanda. The ATF was attended by global thought leaders, key private sector actors, active civil society groups, and high-level governmental and intergovernmental organisation representatives. The first objective of the ATF was to facilitate knowledge sharing and peer learning across global and African luminaries. Participants contributed their insights, challenges and solutions for galvanising economic transformation in Africa. The discussions were broadly across two categories: i) the coordinated development and implementation of national development plans; and ii) catalysing transformation within critical sectors, notably: extractives; light manufacturing; agriculture; skills development; entrepreneurship; financial inclusion; infrastructure; and regional integration. The second objective of the ATF was to launch the Coalition for Transformation in Africa – a leadership network organized in chapters, each addressing a specific thematic area. ACET will serve as the Secretariat for the Coalition. Ahead of the ATF, ACET and the Supporting Economic Transformation programme (SET) collaboratively produced background papers (available online) for three sessions. This event report covers the SET relevant sessions. Papers and reports for other ATF sessions are available on the ACET website. Website AFRICAN TRANSFORMATION FORUM 14-15 MARCH 2016, KIGALI Key Points from Sessions SESSION ON IMPLEMENTING NATIONAL TRANSFORMATION STRATEGIES (DAY 1) • Government is a central player and has to play a critical role in mobilising public-private sector coalition and serving as a broker between multinationals and economy. -
East African Community Regional Integration: Trade and Gender Implications
East African Community Regional Integration: Trade and Gender Implications UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT East African Community Regional Integration: Trade and Gender Implications © 2018, United Nations This work is available open access by complying with the Creative Commons licence created for intergovernmental organizations, available at http://creativecommons.org/licenses/by/3.0/igo/. The findings, interpretations and conclusions expressed herein are those of the authors and do not necessarily reflect the views of the United Nations or its officials or Member States. The designation employed and the presentation of material on any map in this work do not imply the expression of any opinion whatsoever on the part of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. Photocopies and reproductions of excerpts are allowed with proper credits. This publication has been edited externally. United Nations publication issued by the United Nations Conference on Trade and Development. UNCTAD/DITC/2017/2 iii ACKNOWLEDGEMENTS This study is the result of a collaboration between UNCTAD’s Trade, Gender and Development Programme and TradeMark East Africa (TMEA) within the UNCTAD-TMEA Cooperation on Trade Facilitation and Trade and Gender Project. The trade and gender component of the project was generously financed by the Kingdom of the Netherlands. The report was prepared by an UNCTAD team including Nursel Aydiner-Avsar (lead author), Burak Onemli, and Bastiaan Quast. A number of colleagues at UNCTAD and TMEA provided comments and suggestions on previous versions of the report, including Lisa Borgatti, Judit Kozenkow, Mariangela Linoci, Maria Masood, Alessandro Nicita, Giulia Nucciarone, Jacqueline Salguero Huaman, Julia Seiermann, and Simonetta Zarrilli at UNCTAD; and Waturi Matu, Makena Mwiti, Lisa Karanja, Gloria Atuheirwe, and Eugene Torero at TMEA. -
Prospects for a Monetary Union in the East Africa Community: Some Empirical Evidence
Department of Economics and Finance Working Paper No. 18-04 , Guglielmo Maria Caporale, Hector Carcel Luis Gil-Alana Prospects for A Monetary Union in the East Africa Community: Some Empirical Evidence May 2018 Economics and Finance Working Paper Series Paper Working Finance and Economics http://www.brunel.ac.uk/economics PROSPECTS FOR A MONETARY UNION IN THE EAST AFRICA COMMUNITY: SOME EMPIRICAL EVIDENCE Guglielmo Maria Caporale Brunel University London Hector Carcel Bank of Lithuania Luis Gil-Alana University of Navarra May 2018 Abstract This paper examines G-PPP and business cycle synchronization in the East Africa Community with the aim of assessing the prospects for a monetary union. The univariate fractional integration analysis shows that the individual series exhibit unit roots and are highly persistent. The fractional bivariate cointegration tests (see Marinucci and Robinson, 2001) suggest that there exist bivariate fractional cointegrating relationships between the exchange rate of the Tanzanian shilling and those of the other EAC countries, and also between the exchange rates of the Rwandan franc, the Burundian franc and the Ugandan shilling. The FCVAR results (see Johansen and Nielsen, 2012) imply the existence of a single cointegrating relationship between the exchange rates of the EAC countries. On the whole, there is evidence in favour of G-PPP. In addition, there appears to be a high degree of business cycle synchronization between these economies. On both grounds, one can argue that a monetary union should be feasible. JEL Classification: C22, C32, F33 Keywords: East Africa Community, monetary union, optimal currency areas, fractional integration and cointegration, business cycle synchronization, Hodrick-Prescott filter Corresponding author: Professor Guglielmo Maria Caporale, Department of Economics and Finance, Brunel University London, Uxbridge, Middlesex UB8 3PH, UK. -
An Optimal East African Monetary Union? Optimum Currency Area Theory and Policy Recommendations for a Sustainable Monetary Union
Copenhagen Business School Copenhagen, 15 May 2019 An Optimal East African Monetary Union? Optimum Currency Area Theory and Policy Recommendations for a Sustainable Monetary Union submitted by Florian Preis (115684) Dominik Michael Thomas Rappe (115701) supervised by Professor Svend Erik Hougaard Jensen Master’s Thesis, MSc in Advanced Economics and Finance Department of Economics Pages: 119 Characters: 268,346 Acknowledgements Throughout the process of working on this thesis, we have received a great deal of support for which we are truly grateful. First and foremost, we want to thank our supervisor Professor Svend Erik Hougaard Jensen for his patient guidance, readiness to give invaluable advice, and fuelling our interest in the topic. Professor Lisbeth La Cour was able to offer proficient guidance related to the methodology of our econometric models. Her expertise and willingness to help are much appreciated. We want to further extent our sincere gratitude to Dr. Pantaleo Joseph Kessy, who significantly contributed to the relevance of this thesis by sharing insightful resources and perspectives. In addition, we want to thank Dr. Richard Kiplangat Siele for his local judgement and understanding of the topic. We truly enjoyed speaking to our interview partners. Furthermore, we want to thank the reviewers for their thoughtful comments and suggestions. Last but not least, we are grateful for our friends at Copenhagen Business School, who made this Master’s programme a delightful journey. Finally, we would like to thank our families, in particular our parents, for their everlasting support. Copenhagen Business School Copenhagen, May 2019 Florian Preis Dominik Michael Thomas Rappe i Abstract This thesis examines the feasibility of the proposed East African Community Monetary Union. -
An Investment Guide to the East African Community
UNITED NATIONS International Chamber of Commerce The world business organization AN INVESTMENT GUIDE TO THE EAST AFRICAN COMMUNITY Opportunities and conditions July 2005 UNITED NATIONS New York and Geneva, 2005 ii UNCTAD The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 as a per- manent intergovernmental body. Its main goals are to maximize the trade, investment and development opportunities of developing countries, to help them face challenges arising from globalization, and to help them integrate into the world economy on an equitable basis. UNCTAD’s membership comprises 192 States. Its secretariat is located in Geneva, Switzerland, and forms part of the United Nations Secretariat. ICC The International Chamber of Commerce (ICC) is the world business organization. It is the only body that speaks with authority on behalf of enterprises from all sectors in every part of the world, grouping together thousands of members, companies and associations from 130 countries. ICC promotes an open international trade and investment system and the market economy in the context of sustainable growth and development. It makes rules that govern the conduct of business across borders. Within a year of the creation of the United Nations it was granted consultative status at the highest level (category A) with the United Nations Economic and Social Council. This is now known as General Category consulta- tive status. Notes The term “country” as used in this study also refers, as appropriate, to territories or areas; the designa- tions employed and the presentation of the material do not imply the expression of any opinion whatso- ever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. -
Governance and Development of the East African Community: the Ethical Sustainability Framework
Governance and Development of the East African Community: The Ethical Sustainability Framework Dickson Kanakulya Faculty of Arts and Sciences Studies in Applied Ethics 16 Linköping University, Department of Culture and Communication Linköping 2015 Studies in Applied Ethics 16 Distributed by: Department of Culture and Communication Linköping University 581 83 Linköping Sweden Dickson Kanakulya Governance and Development of the East African Community: The Ethical Sustainability Framework Licentiate thesis Edition 1:1 ISSN 1402‐4152:16 ISBN 978‐91‐7685‐894‐3 © The author Department of Culture and Communication 2015 Declaration: I declare that this study is my original work and a product of my personal critical research and thought. …………………………………………….. Kanakulya Dickson, Kampala, Uganda November, 2015 ii Approval: This research report has been submitted with the approval of my supervisor: Prof. Goran Collste --2015--11--09----- Co-Supervisor’s name: Signature: Date iii © 2015 Kanakulya Dickson All rights reserved iv Dedication: This work is dedicated to the Lord of all Spirits and Letters; accept it as a feeble effort to serve your eternal purposes.To Caroline Kanakulya, a beautiful and kindred spirit. To the healing of the spirit of East Africans.To the watchers who stood steadfast in the days of the multiplication. Great mysteries await across! v Acknowledgements: I acknowledge the Swedish Agency for International Development (Sida) and Makerere University for funding this research; and the staff of Makerere Directorate of Graduate Research and Training for support during the study. My deepest gratitude goes to my wife Caroline Kanakulya, my travel companion in life’s journey; thanks for standing my flaws and supporting me. -
Peacebuilding in Rwanda: the Journey So Far
SOCIAL SCIENCE RESEARCH COUNCIL | APN LECTURE SERIES PEACEBUILDING IN RWANDA: THE JOURNEY SO FAR RICHARD SEZIBERA AFRICAN PEACEBUILDING NETWORK APN LECTURE SERIES: NO. 3 ABOUT THE PROGRAM Launched in March 2012, the African Peacebuilding Network (APN) supports independent African research on conflict-affected countries and neighboring regions of the continent, as well as the integration of high-quality African research-based knowledge into global policy communities. In order to advance African debates on peacebuilding and promote African perspectives, the APN offers competitive research grants and fellowships, and it funds other forms of targeted support, including strategy meetings, seminars, grantee workshops, commissioned studies, and the publication and dissemination of research findings. In doing so, the APN also promotes the visibility of African peacebuilding knowledge among global and regional centers of scholarly analysis and practical action and makes it accessible to key policymakers at the United Nations and other multilateral, regional, and national policymaking institutions. ABOUT THE SERIES The APN Lecture Series provides an avenue for influential think- ers, practitioners, policy makers, and activists to reflect on and speak to the critical issues and challenges facing African peace- building. This publication series documents lectures given on the platform of the African Peacebuilding Network (APN) program, and its institutional partners. These lectures provide an analy- sis of processes, institutions, and mechanisms for, as well as the politics of peacebuilding on the continent, and contribute towards broadening debates and knowledge about the trajectories of con- flict and peace in conflict-affected African countries and regions. The APN Lecture series seeks to address knowledge gaps in Af- rican peace and security, including its links to local, national, and global structures and processes. -
The Creation and Launching of the Pan-African Parliament Julien Navarro
Building of a Regional Parliamentary Assembly in an International Context: The Creation and Launching of the Pan-African Parliament Julien Navarro To cite this version: Julien Navarro. Building of a Regional Parliamentary Assembly in an International Context: The Creation and Launching of the Pan-African Parliament. 3rd GARNET Annual Conference ”Mapping Integration and Regionalism in a Global World: The EU and Regional Governance outside the EU” Panel “Parliaments and Parliamentarians in Regional Integrations”, Sep 2008, Pessac, France. halshs- 00335402 HAL Id: halshs-00335402 https://halshs.archives-ouvertes.fr/halshs-00335402 Submitted on 19 May 2021 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Distributed under a Creative Commons Attribution - NonCommercial - NoDerivatives| 4.0 International License Building of a Regional Parliamentary Assembly in an International Context: The Creation and Launching of the Pan-African Parliament1 Julien Navarro2, Sciences Po Bordeaux GARNET Working Paper No: 55/08 August 2008 ABSTRACT Despite its very brief existence, the Pan-African Parliament has become one of the key institutions of African integration. Although it possesses only very limited formal attributions, it has the potential for influencing and scrutinizing other AU institutions, such as the African Commission, and it can contribute to legitimizing the whole process of political integration across the continent. -
Rwanda's Demobilization
A case study from Reducing Poverty, Sustaining Growth—What Works, What Doesn’t, and Why A Global Exchange for Scaling Up Success Scaling Up Poverty Reduction: A Global Learning Process and Conference Shanghai, May 25–27, 2004 Rwanda’s Demobilization: Creating the Environment for Investment Bob Burgoyne, Private Enterprise Development Consultant UK Department for International Development, Rwanda +250 87 74 98 66 Matthew Maguire, UK Department for International Development, Rwanda [email protected] Interviews conducted by Shyaka Kanuma Development partner: UK Department for International Development The findings, interpretations, and conclusions expressed here are those of the author(s) and do not necessarily reflect the views of the Board of Executive Directors of the World Bank or the governments they represent. The World Bank cannot guarantee the accuracy of the data included in this work. Copyright © 2004. The International Bank for Reconstruction and Development / THE WORLD BANK All rights reserved. The material in this work is copyrighted. No part of this work may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or inclusion in any information storage and retrieval system, without the prior written permission of the World Bank. The World Bank encourages dissemination of its work and will normally grant permission promptly. RWANDA’S DEMOBILIZATION: CREATING THE ENVIRONMENT FOR INVESTMENT Executive Summary A secure environment is a prerequisite for sustainable growth. Without security, it is not possible to plan for the future, and resources that could be used for growth are instead spent on defending property and livelihoods. In Rwanda, after the military victory of the Rwandan Patriotic Front (RPF) that halted one of the worst genocides in history, it was essential to provide security for the country’s population. -
EAC), Economic Community of West African States (ECOWAS) and Southern African Development Community (SADC
The Civil Society Guide to Regional Economic Communities East African Community (EAC), Economic Community of West African States (ECOWAS) and Southern African Development Community (SADC) The Civil Society Guide to Regional Economic Communities East African Community (EAC), Economic Community of West African States (ECOWAS) and Southern African Development Community (SADC) Study undertaken by the Special Rapporteur on the Rights of Refugees, Asylum Seekers and Internally Displaced Persons, pursuant to Resolution 234 of April 2013 and approved by the Commission at its 55th Ordinary Session, May 2014 2015 African Commission on Human and Peoples’ Rights (ACHPR) This publication is available as a pdf on the ACHPR’s website under a Creative Commons licence that allows copying and distributing the publication, only in its entirety, as long as it is attributed to the ACHPR and used for non-commercial educational or public policy purposes. Published by the African Commission on Human and Peoples’ Rights ACPHR 31 Bijilo Annex Layout Kombo North District Western Region P.O. Box 673 Banjul The Gambia Tel: (220) 4410505 / 4410506 Fax: (220) 4410504 Email: [email protected] Web: www.achpr.org Designed and typeset by COMPRESS.dsl | www.compressdsl.com The Civil Society Guide to Regional Economic Communities | v Contents Tables vii Figures viii Acknowledgements ix Background x 1. Executive summary 1 Abbreviations and acronyms 1 1.1 Regional Economic Communities 1 1.2 Historical background and legal framework 2 1.3 Organs and institutions 3 1.4 Decision-making processes 3 1.5 Budgets and financing 4 1.6 Relationship with the AU and other RECs 5 1.7 Engagement with civil society 5 1.8 Current debates within the RECs 6 2. -
East African Community (EAC) and the Southern African Development Community SADC
REGULATING RESIDENCE AND EMPLOYMENT IN EAST AFRICA- LESSONS LEARNED BY MR. PINIEL O. MGONJA, ASSISTANT DIRECTOR OF IMMIGRATION (TANZANIA) PRESENTATION TO THE INTERNATIONAL DIALOGUE ON MIGRATION – INTERSESSIONAL WORKSHOP ON FREE MOVEMENT OF PERSONS IN REGIONAL INTERGRATION PROCESSES GENEVA, SWITZERLAND, 18-19 JUNE 2007. 1 INTRODUCTORY REMARKS • Tanzania is a member of the East African Community (EAC) and the Southern African Development Community SADC. • EAC Countries are Tanzania, Kenya and Uganda, with a total population of about 98.3 million. • Cooperation in East Africa has a long history, from the colonial era. In 1947 the EAC had already established the East African Customs Union. • Mwalimu Julius Nyerere, the first President of Tanzania proposed to delay Tanganyika’s independence so that Kenya and Uganda could join the latter to move to independence as a single entity. 2 • The first EAC was established on 1967. • At the time of its demise in 1977 EA was already in the common market. • East Africans moved more or less freely in the Region. • The current EAC draws its strength from lessons learnt from the defunct 1967-1977EAC. • Experience tells that a strong and sound EAC must be people centred. 3 THE MAP OF THE EAC 4 REVIVAL OF EAC • The EAC Treaty which was signed in 1999 specifies four main stages of the integration process namely Customs Union, Common Market, Monetary Union and Political federation. 5 FREEDOM OF MOVEMENT IN EAC • Article 104 of the East African Treaty, the partner states agreed to adopt measures to achieve the free movement of persons, labour and services and to ensure the enjoyment of the right of establishment and residence of their citizens within the Community.