3 critical problems a single West African currency could fix

Fredrick Ngugi Feb 25, 2018 at 08:54am

February 25, 2018 at 08:54 am | Money Moves

Fredrick Ngugi

Fredrick Ngugi | Contributor

February 25, 2018 at 08:54 am | Money Moves

Money Transfer Problems

Citizens, especially traders, in this region will enjoy easy and cost-effective transactions since they won’t be required to convert their currencies when making payments.

Currently, anyone wishing to send or receive money from West Africa has to deal with numerous hurdles such as the lack of independence of central banks and non-convertibility of some currencies.

But in order to achieve the objective of the intra-economic union, member countries have to implement a raft of measures including the adoption of a market-based exchange rate system.

African leaders must also appreciate and take responsibility for their current financial woes in order to allow a flawless regional economic integration.

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