West Africa Monetary Zone yet to meet criteria on common currency
Member states of the West African Monetary Zone are yet to meet the four criteria set by ECOWAS for the implementation of a common currency for West Africa Countries.
This was disclosed at the 37th meeting of the committee of governors of Central Banks of West African Monetary Zone in Abuja.
The committee of governors of Central Banks of the West African Monetary zone gathered in Abuja to chart a course for Member Countries which include a Common currency for West Africa Countries.
The idea to have a common currency for West African Countries is one which many say is long overdue.
The common Currency is meant to encourage production of goods and services,improve agricultural productivity and industrial production within the region.
ECOWAS had set some criteria to guide and facilitate the implementation of the common currency but Some believe they are the main obstacle to achieving the single currency programme as member countries are yet to meet the criteria.
Participants at the meeting urge member countries to look into the
withdrawal of corresponding banking relations as well as other issues that may arise as a result of a common Currency for members.
With barely eighteen months left to the proposed date for the introduction of the single currency in West Africa, there is need for Member States to redouble efforts towards meeting the criteria set.