Global Journal of Management and Business Research, B: Economics and Commerce, Volume 23 Issue 3

14 Global Journal of Management and Business Research Volume XXIII Issue III Version I Year 2023 ( ) B © 2023 Global Journals economic literature. In fact, it is clear that the stock markets in the ECOWAS region are fully integrated and show potential for portfolio diversification and anomaly. To analyze this relationship, we tested three cointegration estimators [FMOLS], [DOLS], and [CCR], and the error correction model (ECM) over the period 1993-2020. The results of the study show that Ghana and Nigeria, two capital markets, are linked to the WAEMU stock market. This means that foreign investors are less likely to diversify their portfolios and make money in the long run by investing in these economies. Specifically, it suggests that over time, and due to the proximity of the stock markets, the evolution of the Ghanaian stock market will confuse investors who will have choices between investing in Ghana or in the WAEMU zone. 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