COVID-19 and the Response of Central Banks

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COVID-19 and the Response of Central Banks

Coping with Challenges in Sub-Saharan Africa

9781802205367 Edward Elgar Publishing
Edited by Salewa Olawoye, Assistant Professor, York University, Toronto, Canada
Publication Date: April 2023 ISBN: 978 1 80220 536 7 Extent: c 176 pp
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 policy making during health crises and explore the role of central banking in minimizing the deleterious effects.

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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 policy makers 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.

Contributors
Contributors include: 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
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