The Economic Community of West African States (ECOWAS) should have a single currency. The ‘Eco’ will support development, growth and integration in the region, says the former president of Nigeria, Olusegun Obasanjo.
Obasanjo reiterated the perks of a single currency to the new president of the ECOWAS Commission, Marcel de Souza. Having a single currency will help solve the problematic issue of youth unemployment in the ECOWAS states, Obasanjo stated.
ECOWAS countries include Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
Developing a single currency is one of ECOWAS’ goals to be reached in 2020. According to Ventures Africa, “the disharmony and irregularities in the member states’ economies, coupled with unstable policies largely inhibit the materialisation of the vision.” Having a single currency in West Africa would reduce the exchange rate uncertainties, attract more foreign investment, improve the standards of living within the region, and develop Africa’s economy as a whole.
Further reading on venturesafrica.com
Image by Carport, via Wikimedia Commons