The absence of a unified currency in the West African sub-region has hampered viable exports, according to Dr. Sidie Mohamed Tunis, Speaker of the Economic Communities of West African States (ECOWAS) Parliament.
Speaking yesterday in Bissau, Guinea-Bissau, at the start of the fifth legislative with the topic “ECOWAS Common Currency and the Inter Bank Payment System as Promoters of Regional Trade,” Tunis said the area’s current export level of 10% was very low for a region with 400 million people.
He emphasized that the legislative seminar should inform parliamentarians of the prerequisites for enhancing convergence and macroeconomic stability in the area.
Umaro Sissoco Embalo, president of the Republic of Guinea-Bissau, expressed personal support for the ECOWAS region’s adoption of the single currency in his keynote speech.
However, he argued that the procedure needed to be carried out very thoroughly because there were numerous challenges to be overcome. He cited these challenges as justification for introducing the common currency as well as for involving the political class and all other interested parties by building a strong foundation of political and economic integration.
Source: ThisDay
