Although some of the West African states, especially the French-speaking ones, already have a currency union which recognizes CFA Franc (courtesy of the Communaute Financiere Africaine, or the African Financial Community) as its currency, the lack of a single currency for ECOWAS member states has been a major impediment to the region’s economic integration.
A single currency covering all the 15 member states would play a significant role in speeding up the macroeconomic convergence needed to move the region forward. Such an economic merger will ultimately put ECOWAS members in a better position to attract regional and international trade partnerships.
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Through economic integration, the West African region will become a single market with a GDP of more than $100 billion, compared to the current fragmented markets. It will also set a foundation for political integration.