The ultimate goal of regional integration is to create a common economic space among the participating countries. Monetary and economic integration may evolve from trade links, as well as, historical and cultural ties. African sub-regions are pursuing economic and monetary co-operation at different speeds. However, African regional economic groupings do not, ex ante, satisfy the traditional OCA criteria. Until the various sub-regional arrangements are firmly established, the African Economic and Monetary Union cannot take-off effectively. More important is the need to nurture strong institutional framework, vibrant trade and financial markets integration that will support a common monetary policy. This paper undertakes a comparative analysis of the efforts made by African policy makers towards the achievement of economic and monetary union, it also appraises the challenges and prospects of achieving the objective. Overall, despite the non compliance to OCA criteria, available evidence seem to suggest that expanded trade, macroeconomic stability, sustained growth and fiscal prudence have become more entrenched in the zones where economic and monetary union arrangements have been formerly institutionalized in Africa.