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by Fredrick Ngugi, at 08:54 am, February 25, 2018, Money Moves

3 critical problems a single West African currency could fix

ECOWAS set to launch a single currency for its member states. Photo credit: Business

Recently, the Economic Community of West Africa States (ECOWAS) announced that the much-awaited single currency for West Africa will materialize in 2020.

The initial idea to create a single currency for the region was hatched close to two decades ago but its implementation has proved elusive, largely due to lack of the needed legal framework to ensure smooth implementation.

Although there have been a few cynical voices, many West Africans have welcomed the idea saying a single currency will be a major step towards the realization of a united Africa, which is long overdue.

But despite the scepticism about the prospects of this idea coming to fruition, particularly at a time when strong economic blocks like the European Union are disintegrating, a single currency would definitely have far-reaching effects on the region.

Here are the three main problems that the single currency is expected to address.

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