WEST AFRICAN COMMON CURRENCY – Obasanjo Calls For Speedy Adoption Of ECO

by Ike Obudulu Last updated on August 26th, 2017,

Former Nigeria President Olusegun Obasanjo on Thursday called on the leaders of the Economic Community of West African States (ECOWAS) to speed up adoption of the ECO as common currency to boost the regional trade. He wondered why the issue of common currency was getting delayed given that the the regional leaders had agrred on “ECO” as a name for the currency. According to him, the currency is required to move the current level of the regional trade from 25 per cent to more than 50 per cent. He said the various currency zones like the Naira zone, the Cedi zone, among others should not be allowed to mitigate the flow of trade within the region.

Obasanjo made call at the ongoing 24th Annual General Meeting of the African Export-Import Bank (Afreximbank) in Kigali. He spoke on the theme “Can Regional Economic Communities Work for Africa: Lessons from a Founding Father”.

He said the region had been most democratic region going by free and fair elections done in the countries. He told the audience that in the region, elections had been held without violence and wherever there were situation the region had resolved such situation peacefully.

He also blamed too many internal conflicts and changes in policies, among others, as some of the challenges facing the region.

Obasanjo, however, lauded ECOWAS countries for their ability to resolve their issues on their own, adding that ECOWAS on its own had resolved conflicts in Liberia, Sierria Loene and The Gambia.

He said that in the case of The Gambia, ECOWAS leaders agreed that a military option should be adopted but it should be without firing a bullet and that the tactic proved to be a success.

Leave a Reply