COVID-19 and the Response of Central Banks

Edited by Salewa Olawoye, Assistant Professor, York University, Toronto, Canada

• Contents:Series editors’ introduction: COVID, policy and the state of ourinstitutions xixLouis-Philippe Rochon, Sylvio Kappes and Guillaume ValletIntroduction to COVID-19 and the Response of Central Banks 1Salewa OlawoyePART I COUNTRIES IN MONETARY UNIONS1 Central banks’ responses to the COVID-19 pandemic:a survey of the Bank of Central African States 6Simplice A. Asongu, Nathanael Ojong and Valentine B. Soumtang2 The Bank of Central African States under the COVID-19test: the case of the Congo 20Toussaint Armel Bakala and Régis Bokino3 Transmission channels of the COVID-19 pandemic effectsin West African Economic and Monetary Union countriesand BCEAO responses 37Samba Diop and Adama Diaw4 COVID-era monetary policy response in francophoneWest Africa with a focus on Cote d’Ivoire 53Anick Yaha and Felix F. N’ZuePART II NON-MONETARY UNION COUNTRIES5 Effects of COVID-19 on the DRC economy and policyresponses from Central Bank of Congo and government 69Pathou Kavena Lukau and Jonas Kibala Kuma6 Monetary policy during the COVID-19 pandemic: a casestudy of the Central Bank of Nigeria 85Salewa Olawoye and Adesuwa Erediauwa7 Ghana’s monetary policy and COVID-19: a critical appraisal 104Emmanuel Graham, John Bosco Dramani and PrinceBoakye Frimpong8 The role of the central bank in mitigating COVID-19effects in Sierra Leone 121Sheka Bangura and Morlai BanguraIndex

‘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.