Single currency: W/A countries fail conditions, 18 months to target

About 18 months to the targeted implementation of a single currency and the macroeconomic convergence in the West African sub region, none of the member countries has met all set criteria that should make that possible.
Giving a progress report on the preparedness of member countries at the 37th Meeting of the Committee of Governors of the Central Banks of the West African Monetary Zone (WAMZ) holding in Abuja, Dr. Ngozi Egbuna, the Director- General, West African Monetary Institute (WAMI) said a lot of work needs to be done if the 2020 deadline set by heads of governments in west Africa will be met.
West African Monetary Zone (WAMZ) comprised The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone. Their central banks were all represented at the meeting.
She said the status of the macroeconomic convergence as at end December 2017 showed that “the assessment of member states performance on the primary convergence criteria shows that none of countries met all the four criteria.”
She however noted that the “average performance of the zone improved during the year under review.”
Some of the countries include The Gambia, Guinea and Nigeria which attained three criteria; Ghana and Liberia achieved two criteria, and Sierra Leone met one criterion, the gross external reserves.
Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele at the meeting said the “deeper integration of our different economies and harmonization of our currencies, amongst others, will help in stabilizing our economies by accelerating investment and trade in the sub-region.”
He said members’ desire for greater economic prosperity through a common monetary union must not vitiate the awareness of the potential adverse and contagion factors associated with unified monetary area and common currency.


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