Description
Book SynopsisCOVID-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.
Trade Review‘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
Table of ContentsContents: 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
