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adjustment programme African Monetary Zone analysis average balance of payments Bodkin-Klein capital cent central bank changes Coefficient cointegrated common monetary policy competitiveness country's creditors current account debt overhang debt service debt variable deficit depreciation developing countries Dordunoo Econometric ECOWAS elasticity equations equilibrium exchange rate ESAF estimated Eurosystem export external debt external reserves external sector F-stat facility fiscal forecasting foreign exchange management foreign exchange market Fund Gambia GDP growth rate Ghana growth model HIPC ICOR imports income increase industrial sector inflation rate inflation targeting institutions interest rate International Monetary Iyoha labour Liberia long-run macroeconomic MAPE million monetary policy money supply naira Nigeria Obadan output paper percent of GDP period production function real exchange rate real GDP reforms regression Schwarz criterion Sierra Leone Statistics Structural Adjustment total external debt tradables trade transmission mechanism WAIFEM member countries WAMZ countries West African Monetary World Bank