West Africa To Meet 2015 Target For Single Currency

West Africa To Meet 2015 Target For Single Currency

West African Counties have expressed hope that the region will meet the 2015 target to get a common currency. The idea of the single currency, initiated by the West African Monetary Zone, is to promote economic integration and trade.

The Governor of Central Bank of Nigeria, Mallam Sanusi Lamido stated at the 24 th Meeting of the Committee of Governors of Central Banks of the West African Monetary Zone, o n Thursday in Abuja that, ''the target date is 2015 and I do think we are well on course in meeting the convergence criteria in most countries''.

'' Liberia has met all the criteria, Gambian had met it before; we have met it in 2006 and 2007, the difficulty is getting all countries to meet all criteria at the same time…I do think that before 2015, we would have met this target,'' he said.

Set backs caused by crisis 

Mallam Sanusi said the countries have witnessed set backs due to financial global crisis adding that foreign reserves, inflation, fiscal deficit were problems in some countries.

He said that there was needs for countries to get out of the various crises to enable them meet the convergence criteria that would make the common currency achievable.

The Nigerian Central Bank Governor who was elected as the Chairman of the Committee of Governors of Central Banks of the West African Monetary Zone said that the meeting would avail the region the opportunity to take stock of the progress made on Zone and chart way for further achievements.

Robust economic activity

He Noted that the report of the 30 th meeting of the technical committee, which reviewed the developments and policy responses required to satisfy the stipulated convergence criteria, will form part of the input for consideration.

Director General, West African Monetary Institute (WAMI) Mr. Temitope Oshikoya said the economic activity was robust within the West African Monetary Zone.

He said in that in spite of the turbulence in the global economy , the real GDP growth was projected at an average of 7.2 per cent.

''The indicative macroeconomic convergence performance for up to June 2010 shows that one member country Liberia, satisfied all four primary convergence criteria and three other member countries, The Gambia , Ghana and Nigeria satisfied three of the four criteria… Overall the zone satisfied two primary criteria during the first half of 2010, same as in the corresponding period of 2009. The criteria on single digit inflation and fiscal deficit excluding grants to GDP continue to remain challenges for most member countries,'' Oshikoya said

Central Bank Governors  of five member countries; Nigeria, Ghana, Liberia, Guinea and Sierra Leone were present at the meeting while The Gambian Governor was represented by the Deputy Governor , Mr. Bashiru Njai.

NAN/Hauwa/Yinka