External debt has become an important problem for developing countries, especially since the 1980s. External borrowing is expected to serve as a source of capital formation that stimulates economic growth. In this context, there have been many studies conducted in recent years to investigate the relationship between external debt and economic growth.
The West African Economic and Monetary Union (WAEMU or UEMOA) was established on 10 January 1994 with the Treaty signed in Dakar. The main obj ...