Abstract
This study examined the impact of inflation and money supply on economic growth of West African Monetary Zone (WAMZ) Member Countries (Gambia, Ghana, Guinea, Nigeria, Liberia and Sierra Leone). Specifically, with aim of determine the effects of money supply and inflation on economic growth of WAMZ member countries. To achieve this objective, the study applies a range of econometric techniques, including, panel cointegration technique, pooled ordinary least Square (Pooled OLS). The study found a negative relationship between economic growth and inflation in WAMZ countries this suggest that growth does not always lead to higher inflation as influenced by factors like supply-side dynamics, effective monetary policies, and low inflation environments. The study also found a positive relationship between money supply and economic growth in WAMZ countries which indicates that increasing the money supply stimulates demand and investment, boosting economic growth. Therefore, the study recommends that WAMZ countries should focus on implementing effective supply-side policies and maintaining sound monetary policies to sustain economic growth without triggering inflationary pressures. This could involve improving productivity, investing in infrastructure, and ensuring price stability to create a low-inflation environment conducive to growth. Secondly, WAMZ countries should also consider adopting policies that responsibly increase the money supply to stimulate demand and investment, Lastly, policymakers should focus on controlling inflation and ensuring an adequate money supply to foster sustainable long-term growth.