ECOWAS: Financial logistics holding up W. African common currency

A new Economic Community of West Africa States (ECOWAS) initiative aims to implement a single monetary currency in West Africa by 2020.

At a recent press conference, Kalilou Traore, ECOWAS commissioner for industry and private-sector promotion, said the commission is making every effort to accelerate the process, which must be handled at both the political and technical levels.

Traore said the purpose of a common currency for West Africa would be to strengthen the region's economy and the exchange rate among nations.

“More states have to comply with some macro-economic criteria like inflation, budget deficit, currency stability -- without this, if we set up a common currency, it will fail,” Traore said.

Bankers from across West Africa have been called on to work with West African nations' government officials to get the ball rolling and implement the process.