Major economic reforms may be necessary if member countries of the West African Monetary Union are to attain a single currency by the year 2015.

According to the Acting Director General of the West African Monetary Institute; Mr John Kitcher, the performance of the six-member states on its macro-economic convergence list was not impressive especially in the first half of 2012.

Addressing a technical committee meeting of the union in Abuja, Mr Kitcher said inflation and its fiscal deficit criteria were the most challenging for its member countries made up of Nigeria, The Gambia, Guinea, Sierra Leone, Ghana and Liberia.

link http://www.channelstv.com/home/2013/01/15/poor-macro-economic-convergence-may-stall-ecowas-currency/

What strenght can the currencies of unproductive economies have? Farthing. Ghana is more likely to lose out in the pact,because they seems to be the only country among the loafers that has plans or rather hints of what it is all about.

redsun: What strenght can the currencies of unproductive economies have? Farthing. Ghana is more likely to lose out in the pact,because they seems to be the only country among the loafers that has plans or rather hints of what it is all about.

You have a good point. The lesson of the Euro should also be learned here, countries without a robust economy (strong manufacturing base) would weaken any proposed single currency.

The economies of the 6 member nations have to be at a certain optimal level before a single currency can be feasible.