As expected, the presidential intervention group tasked with setting up the single currency of ECOWAS met on Wednesday in Accra, Ghana.
Visibly, with the exception of Nigeria, which has expressed some reservations, other countries have shown their willingness to put in place by 2020 the single currency of ECOWAS. However, they still downgraded the number of convergence criteria from eleven to six. Likewise, they proposed the creation of an ECOWAS Monetary Institute in 2018 to unite and rationalize the many existing institutions.
Ending the end of the CFA franc and the national currencies of non-UEMOA member states, the creation of this monetary union must first pass through a convergence of the economies of the region, with criteria to be respected, such as a public deficit not exceeding 3% of GDP and an inflation rate of less than or equal to 5%, reports jeuneafrique.com.
For Ghana’s President Nana Akufo-Addo, “the introduction of a single currency in West Africa will, among other things, help to remove trade and monetary barriers, reduce transaction costs, boost economic activity and to increase the standard of living of the population of the region “.
Nigeria’s voice, Godwin Emefiele, the governor of the Nigerian Central Bank expressed his country’s reluctance to the project. Among other things, he asked WAEMU member countries to present a roadmap for “dissociation” from the French public treasury, and also felt that countries were not sufficiently informed about the implications of implementing the French Treasury. of the single currency.