Hardback
COVID-19 and the Response of Central Banks
Coping with Challenges in Sub-Saharan Africa
9781802205367 Edward Elgar Publishing
COVID-19 and the Response of Central Banks analyses the reactions of central banks to the COVID-19 crisis in Sub-Saharan Africa. It focuses on how the pandemic has affected the economic performance of Sub-Saharan African countries, many of which were already struggling with growth and sustainability. The first part of the book covers countries within monetary unions such as Cameroon, Congo, Senegal, and Cote d''Ivoire. In the second half, countries with their own independent central banks, The Democratic Republic of Congo, Nigeria, Ghana, and Sierra Leone, are discussed. Chapters highlights the differences between Monetary Union membership and independent Central Banks in policymaking during health crises and explore the role of central banking in minimizing the deleterious effects.
More Information
Critical Acclaim
Contributors
Contents
More Information
COVID-19 and the Response of Central Banks analyses the reactions of central banks to the COVID-19 crisis in Sub-Saharan Africa. It focuses on how the pandemic has affected the economic performance of Sub-Saharan African countries, many of which were already struggling with growth and sustainability.
The first part of the book covers countries within monetary unions such as Cameroon, Congo, Senegal, and Cote d''Ivoire. In the second half, countries with their own independent central banks such as the Democratic Republic of Congo, Nigeria, Ghana, and Sierra Leone, are discussed. Chapters highlight the differences between monetary union membership and independent central banks during health crises and explore the role of central banking in minimizing the deleterious effects.
This theoretical and empirical analysis of central bank reactions and monetary regimes in these Sub-Saharan African countries is important, useful information for central bankers and policymakers responsible for making decisions before, during, and post crises. Among others, graduate students interested in development analysis and how monetary policy works in Africa will also benefit from the insight in COVID-19 and the Response of Central Banks.
The first part of the book covers countries within monetary unions such as Cameroon, Congo, Senegal, and Cote d''Ivoire. In the second half, countries with their own independent central banks such as the Democratic Republic of Congo, Nigeria, Ghana, and Sierra Leone, are discussed. Chapters highlight the differences between monetary union membership and independent central banks during health crises and explore the role of central banking in minimizing the deleterious effects.
This theoretical and empirical analysis of central bank reactions and monetary regimes in these Sub-Saharan African countries is important, useful information for central bankers and policymakers responsible for making decisions before, during, and post crises. Among others, graduate students interested in development analysis and how monetary policy works in Africa will also benefit from the insight in COVID-19 and the Response of Central Banks.
Critical Acclaim
‘The chapters in this book through examining the response of central banks to the COVID-19 pandemic provide much needed discussion on and insights into the roles of Central Banks in Sub-Saharan African countries. The COVID-19 pandemic and its impact on economies forced governments and central banks across the world to shift out of business as usual mode. Within developing countries, the pandemic reopened questions about health, resilience, economic development and macroeconomic policies, including monetary policy and the role of central banks.
Salewa Olawoye has assembled valuable accounts of central bank responses and implementation of monetary policies for several countries across Sub-Saharan Africa in response to the pandemic. An important contribution of this book is to recognise the diversity across the countries of the region and to examine the role and effectiveness of country-specific monetary policy responses to the pandemic. This volume is an important contribution at a time when strategies to build resilience within countries and communities to pandemics, the impacts of climate change and other interrelated crises are urgently required.’
– Seeraj Mohamed, Deputy Director, South African Parliamentary Budget Office
‘Olawoye has assembled an excellent group of articles which show the different impact of monetary policy in African countries that are members of a currency union, or monetary sovereign. Her work underscores the significant, on the ground differences in their approaches to dealing with COVID-19, and the limitations imposed by monetary union.’
– Joëlle J. Leclaire, State University of New York, Buffalo State, US
Salewa Olawoye has assembled valuable accounts of central bank responses and implementation of monetary policies for several countries across Sub-Saharan Africa in response to the pandemic. An important contribution of this book is to recognise the diversity across the countries of the region and to examine the role and effectiveness of country-specific monetary policy responses to the pandemic. This volume is an important contribution at a time when strategies to build resilience within countries and communities to pandemics, the impacts of climate change and other interrelated crises are urgently required.’
– Seeraj Mohamed, Deputy Director, South African Parliamentary Budget Office
‘Olawoye has assembled an excellent group of articles which show the different impact of monetary policy in African countries that are members of a currency union, or monetary sovereign. Her work underscores the significant, on the ground differences in their approaches to dealing with COVID-19, and the limitations imposed by monetary union.’
– Joëlle J. Leclaire, State University of New York, Buffalo State, US
Contributors
Contributors: Simplice Asongu, Toussaint Armel Bakala, Morlai Bangura, Sheka Bangura, Régis Bokino, Adama Diaw, Samba Diop, John Bosco Dramani, Adesuwa O. Erediauwa, Prince Boakye Frimpong, Emmanuel Graham, Jonas Kibala Kuma, Pathou Kavena Lukau, Felix Fofana N’Zué, Nathanael Ojong, Salewa Olawoye, Valentine Soumtang, Anick Yaha
Contents
Contents:
Series editors’ introduction: COVID, policy and the state of our
institutions xix
Louis-Philippe Rochon, Sylvio Kappes and Guillaume Vallet
Introduction to COVID-19 and the Response of Central Banks 1
Salewa Olawoye
PART I COUNTRIES IN MONETARY UNIONS
1 Central banks’ responses to the COVID-19 pandemic:
a survey of the Bank of Central African States 6
Simplice A. Asongu, Nathanael Ojong and Valentine B. Soumtang
2 The Bank of Central African States under the COVID-19
test: the case of the Congo 20
Toussaint Armel Bakala and Régis Bokino
3 Transmission channels of the COVID-19 pandemic effects
in West African Economic and Monetary Union countries
and BCEAO responses 37
Samba Diop and Adama Diaw
4 COVID-era monetary policy response in francophone
West Africa with a focus on Cote d’Ivoire 53
Anick Yaha and Felix F. N’Zue
PART II NON-MONETARY UNION COUNTRIES
5 Effects of COVID-19 on the DRC economy and policy
responses from Central Bank of Congo and government 69
Pathou Kavena Lukau and Jonas Kibala Kuma
6 Monetary policy during the COVID-19 pandemic: a case
study of the Central Bank of Nigeria 85
Salewa Olawoye and Adesuwa Erediauwa
7 Ghana’s monetary policy and COVID-19: a critical appraisal 104
Emmanuel Graham, John Bosco Dramani and Prince
Boakye Frimpong
8 The role of the central bank in mitigating COVID-19
effects in Sierra Leone 121
Sheka Bangura and Morlai Bangura
Index
Series editors’ introduction: COVID, policy and the state of our
institutions xix
Louis-Philippe Rochon, Sylvio Kappes and Guillaume Vallet
Introduction to COVID-19 and the Response of Central Banks 1
Salewa Olawoye
PART I COUNTRIES IN MONETARY UNIONS
1 Central banks’ responses to the COVID-19 pandemic:
a survey of the Bank of Central African States 6
Simplice A. Asongu, Nathanael Ojong and Valentine B. Soumtang
2 The Bank of Central African States under the COVID-19
test: the case of the Congo 20
Toussaint Armel Bakala and Régis Bokino
3 Transmission channels of the COVID-19 pandemic effects
in West African Economic and Monetary Union countries
and BCEAO responses 37
Samba Diop and Adama Diaw
4 COVID-era monetary policy response in francophone
West Africa with a focus on Cote d’Ivoire 53
Anick Yaha and Felix F. N’Zue
PART II NON-MONETARY UNION COUNTRIES
5 Effects of COVID-19 on the DRC economy and policy
responses from Central Bank of Congo and government 69
Pathou Kavena Lukau and Jonas Kibala Kuma
6 Monetary policy during the COVID-19 pandemic: a case
study of the Central Bank of Nigeria 85
Salewa Olawoye and Adesuwa Erediauwa
7 Ghana’s monetary policy and COVID-19: a critical appraisal 104
Emmanuel Graham, John Bosco Dramani and Prince
Boakye Frimpong
8 The role of the central bank in mitigating COVID-19
effects in Sierra Leone 121
Sheka Bangura and Morlai Bangura
Index
