Emergence in the UEMOA and EMCCA Areas Facing Industrialization Challenges

Abstract

This article, which adopts a documentary methodological approach based on the analysis and exploitation of reports produced by various international and regional institutions such as the IMF, the World Bank, the African Development Bank, ECOWAS, etc., and the writings of a number of emergence theorists, arrives at the result that the economies of two of the monetary economic zones examined suffer from a lack of industrialization that is blocking the member countries in their emergence process. The paper finds that the Central African Economic and Monetary Community (CEMAC) and the West African Economic and Monetary Union (WAEMU) have succeeded in stabilizing their monetary systems, but this monetary stability has not been accompanied by real emergence. The economies of most of the member states of these two organizations are based on commodities and cocoa, which means that they are totally volatile and therefore lack the stability necessary for true emergence. There is therefore a need for these two organizations to support through concrete actions industrialization programs to achieve the structural transformation of their economies likely to push their member states towards real emergence. Security efforts against terrorism are worthwhile in order to fight terrorism in the Sahel with the objective of creating a favorable space for foreign direct investment and local industrial production.