The Sooner We Implement Single Currency In West Africa The Better – Trade Ministry

Chief Commercial Officer and Head of the One District One Factory Program at the Ministry of Trade and Industry, Kofi Addo, is proposing the implementation of the single currency, Eco, amongst countries in West Africa which have met the criteria.

Since its conception in 2003, ECOWAS leaders postponed the launch of the single currency as some countries have been unable to meet its criteria including reducing budget deficits, curbing inflation rate and reducing debt to GDP ratio.

Speaking to Citi News on the sidelines of IOM’s regional consultation on migration, mobility and trade, Kofi Addo said having a common currency will help eliminate challenges faced by small-scale cross-border traders amongst others.

“In order to implement this policy, there are some set-out criteria. But interestingly, when one country meets about 3 or 4, another will fall short of most of them, and so it’s been difficult to get all member countries to simultaneously meet the requirements.”

“Nevertheless, we have set out the AfCFTA and in order for it to be successful, we need to start from somewhere. The common currency is a good idea and the sooner we implement it, the better for us all.”

Meanwhile, IOM Chief of Mission in Ghana, Togo and Benin, Fatou Ndiaye, also called for the ratification of AU free movement of persons protocol for full implementation of AfCTA.

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