This work provides an answer to the possibility of creating a second West African monetary union in West Africa. The business cycles in the West African Monetary Zone (WAMZ) using real GDP growth within 1980-2022, detrended by Hodrick–Prescott filters were analyzed. This work also examined the effect of the level of symmetry in macroeconomic policies and the level of symmetry in trade flows on the level of synchronization of business cycles between pairs of countries in WAMZ, the seemingly unrelated regression estimation was computed on Autoregressive Distributed Lag models. The cusum of squares test indicated the absence of structural breaks in the models while the system Portmanteau test for autocorrelation indicated the absence of serial correlations up to the 10th order lag. The empirical results provide clear support for Ghana, Guinea and Nigeria to proceed in the creation of the second West African monetary union with their various currencies tied to the WAMZ-eco while also creating an enabling environment for other countries within WAMZ to join in due course. The cyclical thrift scheme for ECOWAS countries to boost industrialization and trade protection/restriction was also recommended.