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ECOWAS aims to implement common currency in West Africa

by ChemOrbis Editorial Team -
  • 17/12/2015 (17:13)
According to local media sources, a source from ECOWAS, (The Economic Community of West African States), said that the commission is mulling over implementing a single currency for West Africa by 2020.

“However, there are several political and technical implications to be considered during the formulation process before ECOWAS member states will be ready to agree to a common currency. Stronger performance on some macroeconomic criteria such as inflation, budget deficits and currency stability will need to be met by some member states before the project can go forward. If we set up a common currency without these elements, it will fail,” highlighted a source close to the issue.

Through a common currency, the commission is aiming to support the regional economy to be more integrated and to encourage greater trade among member states.
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