February 6, 2018. In the latest installment of the Academic Research Seminar series, Hector Agossa delivered a lecture on “The Specialized Institutions of African Communities: The Case of the West Africa Central Bank (WACB).” Hector Agossa, a specialist in Public Law and a lecturer at ASE, began by defining the West African Central Bank’s function as an institution responsible for issuing currency in the West African Monetary Union (WAMU) region.

Mr. Agossa then decried the “persistence of a colonial pathology” through which France continues to exert an undue influence on the WAEMU zone. He elaborated on this economic relationship, explaining that all of the bank notes and coins used in those eight West African countries are produced in France. Asymmetrical obligations further disadvantage WAEMU countries. The cumulative effect, Agossa argued, is that West African states are not treated as full equals; their tough reserve rate also denies them the opportunity to finance their sovereign functions. In addition to interrogating the relationship between former colonial powers and the continent, Agossa questioned the definition of poverty that categorizes countries like Benin as “among the poorest.”

The seminar concluded with a lively question and answer session facilitated by Professor Alice Bonou-Fandohan. Agossa articulated the distinctions between WAMU and WAEMU. He subsequently described the role of investment and commercial banks and the need for good regulation. Finally, he offered relevant advice to students and to policy makers, respectively. Agossa encouraged students to cultivate cross-disciplinary skills so that they can join the important debates at the intersection of law and economics. At the macro-level, he insisted that ECOWAS countries must seriously consider what they hope to gain from a union and that they must prioritize political integration before focusing on economic integration.