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ABSTRACT
This study reviewed ECOWAS monetary policy and its impact on inter-country commerce over the period of 2018 - 2023. The study’s objective is to examine the effect of Eco monetary policy on import trade among ECOWAS member nations, to examine the effect of Eco monetary policy on export trade among ECOWAS member nations, to examine the effect of Eco implementation on Price Stability in Inter-Country Trade, to assess the Eco's monetary policy influence on mitigating exchange rate risks and enhancing trade stability and to investigate the impact of Eco monetary policy adoption on reducing transaction costs in intercountry trade. The Research design used in this study is the longitudinal research design, the correlation coefficient, unit root test and the Fully Modified Ordinary Least Squares (FMOLS) techniques were used to analyze the data of the Eco (dependent variable) and import trade, export trade and price stability (independent variables. The hypotheses were tested and the result of the analysis revealed that the implementation of the Eco monetary policy has a significant impact on the volume and patterns of import trade and export trade among ECOWAS member nations, and that the Eco monetary policy significantly contributes to maintaining price stability in inter-country trade within the ECOWAS region. The study concluded that eco monetary policy has significant impacts on the inter-country commerce in the ECOWAS member nations and therefore recommends that policymakers should prioritize efforts to enhance coordination and harmonization of monetary policies within the ECOWAS region, that there is a need to establish robust monitoring and evaluation mechanisms to assess the impact of the Eco monetary policy on trade dynamics and price stability over time and that ECOWAS member states should invest in capacity building initiatives and seek technical assistance to strengthen institutional frameworks for monetary policy implementation and coordination.
