The United Nations Economic Commission for Africa said the attainment of all macroeconomic criteria by ECOWAS states maybe unattainable before the 2020 deadline for the commencement of the region’s single currency agreement.
An Economist from ECA West Africa, Amadou Diouf, said many of the countries are yet to meet the macroeconomic convergence criteria for a single currency set up by the ECOWAS and the West African Monetary Agency.
Read Also
- President Tinubu hands over ECOWAS leadership to Sierra Leone’s President Julius Maada Bio
- ECOWAS developing centralised digital platform to combat drug abuse
- ECOWAS trade ministers meet in Abuja to strengthen regional economic integration
- Europe, Africa must maximise potentials for transformative development - VP Shettima
Some primary criteria to be achieved by each member country include single-digit inflation rate at the end of each year and the fiscal deficit of not more than three per cent of the GDP.
Ghana, Niger and Nigeria have been put in charge to advocate for this monetary agenda.
