Focusmind:
Will ECO survive? Monetary union is based on strong economic fundamentals of member union. Certain things needs to be in place before implementation.
Things like sound micro economics, fiscal discipline in member states, huge export potentials in member states, political stability and peace.

All these are lacking in ECOWAS. Nigeria economy which should be about 60% of the sub-regional economy is not doing well and can't support itself talk more of supporting fragile economy of member state the same way Germany is the pillar of EURO and supporting fragile member states like Greece and others with huge debt.

The burden of ECO will be much on Nigeria and our export potential apart from oil is negligible. This will make ECO exchange with measure hard currencies to be worthless. More over, not everybody should be admitted into ECO. Requirements for admission must be set and those who meet the conditions will be admitted the same way EUROPEAN union set targets for membership admission. You must meet certain fiscal and economic and political criteria. These are to ensure stability and survival of the single currency. Ecowas should first study the European union.

You spoke my mind. It can't work well here at all.

alexvatt:
Yes single currency can be Used for the whole of Africa. But unfortunately the man that saw that vision is dead. That was Ghadaffi of Libya. No other person is pursuing that for now. At least we have started somewhere. Maybe other African countries can join latter. It is a welcomed development. The economic implication is that it will strengthen business activities among member countries, The Eco currency will be of good value compare to other West African currencies, It will ease trading among member countries. U don't need to convert Naira to Cedis when traveling to Ghana and other member countries.

That was an unfortunate incident, but surely it won't be delayed, i thought he wanted to use GOLD?

But how did Europe use Euro and the US didn't destroy them?

Anyway they are now partners in Evil

Abkreizi:


Lol..... I can't start here nah......

Just Google the Greek crisis.....

Thanks

Focusmind:
Will ECO survive? Monetary union is based on strong economic fundamentals of member union. Certain things needs to be in place before implementation.
Things like sound micro economics, fiscal discipline in member states, huge export potentials in member states, political stability and peace.

All these are lacking in ECOWAS. Nigeria economy which should be about 60% of the sub-regional economy is not doing well and can't support itself talk more of supporting fragile economy of member state the same way Germany is the pillar of EURO and supporting fragile member states like Greece and others with huge debt.

The burden of ECO will be much on Nigeria and our export potential apart from oil is negligible. This will make ECO exchange with measure hard currencies to be worthless. More over, not everybody should be admitted into ECO. Requirements for admission must be set and those who meet the conditions will be admitted the same way EUROPEAN union set targets for membership admission. You must meet certain fiscal and economic and political criteria. These are to ensure stability and survival of the single currency. Ecowas should first study the European union.

thank God

someone sees what I'm seeing

This won't change anything we have to improve our economy first see currencies like the Japanese yen that have small value but still the Japanese economy is one of the best with one of the highest gdps in the world let us improve first and it will all be good before we would now start crying like Britain for a brexit

ibietela2:


That was an unfortunate incident, but surely it won't be delayed, i thought he wanted to use GOLD?

But how did Europe use Euro and the US didn't destroy them?

Anyway they are now partners in Evil

Europe will turn the whole of America to a hole in the ground when Germany is there they wan open their nonsense mouth who born them

vaxx:
The central bank of west african( CFA monetary zone) is located in Senegal while France control and print the currency. France back up CFA. Even CFA is pegged to the euro In return for guaranteeing the currency, France holds 50 percent of the foreign exchange reserves of the C.F.A. franc countries in its treasury. How will France allow is discontinuity.? Francophones country are lucky enough.

You do realize that the communique was signed by ALL of the ECOWAS heads of government (including the CFA Zone members)?

Not sure why you presume to be speaking for them but I recall reading sometime ago (and frankly it’s a shame that history is not prioritized in Nigeria) that when the late Prof Adebayo Adedeji (the first and longest-serving Chief Executive of the United Nations Economic Commission for Africa, and a former Under-Secretary General of the UN) first proposed the setting up of ECOWAS, in his capacity then as Nigeria’s Economic Development Minister, it was met with strong opposition particularly from among the Francophone/CFA nations (with France reportedly describing it as a proposal for a “Greater Nigeria”). Ultimately, it took over 5 years of negotiations and dialogue to bring ECOWAS to fruition.

Accordingly, let’s all step back and view these pronouncements as a strong statement of intent, but ultimately it has to make sense for all of the parties involved (and one suspects there might even be a fair amount of compromise). Nonetheless, this was a BIG step forward.
>

tactius:

I'm not opposed to a United African currency, but most African states are so poor that at the end of the day, the stronger states would be the ones spending money on the weaker states.

Plus, strong economies produce industrial stuff which keeps their currencies strong. Most African countries are like Ghana which exported 2bn dollars worth of cocoa some years ago. One European company bought part of that cocoa and made products worth 17bn.

Ghaddafi whom you all admire, his economy was based on oil. If oil had dried up in Libya when he was in power, his economy would have gone down to zero.

Africa needs to be a producer, not a consumer. Then we can talk about single currency

you have spoken well

Ausrichie:
This won't change anything we have to improve our economy first see currencies like the Japanese yen that have small value but still the Japanese economy is one of the best with one of the highest gdps in the world let us improve first and it will all be good before we would now start crying like Britain for a brexit

The common currency proposal has NOTHING to do with exchange rates...
The PRIMARY purpose of a common currency is to facilitate/increase trade/business within the union.
>

9jaRealist:


The common currency proposal has NOTHING to do with exchange rates...
The PRIMARY purpose of a common currency is to facilitate/increase trade/business within the union.
>

Wetin we get to trade self please me I no dey current like that

tactius:

I'm not opposed to a United African currency, but most African states are so poor that at the end of the day, the stronger states would be the ones spending money on the weaker states.

Plus, strong economies produce industrial stuff which keeps their currencies strong. Most African countries are like Ghana which exported 2bn dollars worth of cocoa some years ago. One European company bought part of that cocoa and made products worth 17bn.

Gaddafi whom you all admire, his economy was based on oil. If oil had dried up in Libya when he was in power, his economy would have gone down to zero.

Africa needs to be a producer, not a consumer. Then we can talk about single currency

Yet again, feel compelled to preface this with the caveat that I am NOT a fan of monetary unions...
But the highlighted will persist until African nations starting trading more with each other - and a common currency could provide an impetus.
>

I would have preferred "WAS" to "ECO". ECO derived from Economic. Nothing related to west Africa. Euro derived from European. 10WAS instead of 10ECO

Snapchat:
Not with Ghana as neighbours

No!! No!!
Never. They’ll move us back to recession.
Let ‘em stick to their deflated cédi.

prekumohtim:
The death of Naira in an attempt to be like the Europeans ; Denmark and British realise it and walked away from the deal

Like our currency is that strong

When XFA and Rand are Naira's senior brother.

We are not in cartegory of countries to opt out

Ausrichie:

Europe will turn the whole of America to a hole in the ground when Germany is there they wan open their nonsense mouth who born them

Lol

ibietela2:
Why not a single currency with the whole of Africa? I don't know if in Europe east, west, south has its own currency different from the euros

Not every country. Denmark, Swiss, Norway, Sweden,UK and a host of other European countries have national currencies.. Europe isn't administratively divided into Regional blocks. Much of Western, Northern and Central Europe appear to be one. Countries are mostly grouped according to their Economies and not regional position.

That said a unique currency for Africa will be too cumbersome. The more advanced nations of the North and RSA will be disadvantaged. If the ECO comes into place in 2020 (which I doubt) it will be nice to see the CFA (colonialistic currency) phased out.

WarHorse1:
I would have preferred "WAS" to "ECO". ECO derived from Economic. Nothing related to west Africa. Euro derived from European. 10WAS instead of 10ECO

You make sense though Eco sounds better than Was for a curency..haha That said Was would have been a better representation. Funny how the lots of policy makers never thought of it.

Ugosample:


If Ghana and Nigeria knows what is good for themselves

they better boycott that currency

Ghana is playing an experiment with the IMF and the cedi is dancing shoki

Will Ghana be able to do that if there is a single currency?

Akuffo Addo that short man better use his sense

economical wise, cedis is not doing bad becuse it is in free flow and all the economic fundamental of Ghana suggest the country is in a good shape. Therefore the cedis depreciation can be attribute to external factor rather than domestic issue. In lay man language , Ghana just need to drastically reduce her dependence on importation and increases her exportation and everything will be fine. But Nigeria case is a bit a worry. The naira rate is not the true reflection of the currency . It is overvalued by 20 percent at least according to imf. More than 40 billion dollar so far has been injected to the forex to save naira.

I think the idea will really benefit Ghana as it is gradually increasing her trade volume across ecowas sub region. Ghana already positions itself well, the economic activity in the ECOWAS region is improving and most of the large economies are experiencing economic rebound . Just check Ghana trade volume within the sub region of recent, Ghana is well integrated among the francophone state now. Infact akuffo addo already indicate Ghana should go ahead with the rest without Nigeria.

Lanrextop23333:
Dead on arrival

Like your post here that died even before you typed it

Yohh:
I don't understand why some people are just unnecessary pessimistic, always antagonizing anything and everything of their own even without a rational backup explanation.

I'm hopeful this will strengthen our currency strength. Euro is very strong even more than d USD.
If this happens to be d end of naira, so be it. Who naira help before?

yes oo,I will be happy if it will be well implement

vaxx:
The central bank of west african( CFA monetary zone) is located in Senegal while France control and print the currency. France back up CFA. Even CFA is pegged to the euro In return for guaranteeing the currency, France holds 50 percent of the foreign exchange reserves of the C.F.A. franc countries in its treasury. How will France allow is discontinuity.? Francophones country are lucky enough.

Lucky Enough You Say Hahaha. Much recently there have been huge protests on the demerits of the CFA, with many average citizens of the CFA zone claiming its giving France an unfair advantage. A few months back the Italian Premier launched an attack on the French for ripping off French Africa through the CFA francs. There was outcry on the streets of most CFA countries. With as much as 90% of the average man wanting to see it phased out.Lol. I am from Cameroon though. However I personally think the CFA is a 50/50 thing. Offering some monetary stability to the CFA zone and at sametime benefitting the French.

martineverest:
by keeping B4 commenting....

He is actually being sensible... no sane country will go into a one currency union in this unstable economical climate.....

ibietela2:
Why not a single currency with the whole of Africa? I don't know if in Europe east, west, south has its own currency different from the euros

what about a situation that other Africa countries will reject the proposal

Yohh:
I don't understand why some people are just unnecessary pessimistic, always antagonizing anything and everything of their own even without a rational backup explanation.

I'm hopeful this will strengthen our currency strength. Euro is very strong even more than d USD.
If this happens to be d end of naira, so be it. Who naira help before?

Most of the pessimists you see here have absolutely no idea about economic policies and its long term impact on international trade. I am a biologist but I try real hard to broaden the scope of of my intellectual horizon.

A greater number of youths spend precious time surfing rubbish on the internet, hence we have pap filled cranium as head all over the place. Sad though but it's the ugly reality that we just have to live with. #DumbAsses! I'd love to drop my pen here.

BB9ja007:
Those it mean by next year we will stop using naira ? If so dat means our past leaders will no longer be in our currency

who past leaders help

onatisi:
i think the best way to go about this is to use some countries to start the process maybe ghana ,togo or any other country but not my nigeria , i beg . and to see how the process works out . i dont think many countries in the region and even nigeria inclusive will be ready to drop their national currencies , it isnt even in their plans , because if it is then they would have been sensitizing the public about it

Nigeria is the largest economy in Africa so Wat are you saying

vaxx:
economical wise, cedis is not doing bad becuse it is in free flow and all the economic fundamental of Ghana suggest the country is in a good shape. Therefore the cedis depreciation can be attribute to external factor rather than domestic issue. In lay man language , Ghana just need drastically reduce her dependence on importation and increases her exportation and everything will be fine. But Nigeria case is a bit a worry. The naira rate is not the true reflection of the currency . It is overvalued by 20 percent at least according to imf. More than 40 billion dollar so far has been injected to the forex to save naira.

I think the idea will really benefit Ghana as it is gradually increasing her trade volume across ecowas sub region. Ghana already positions itself well, the economic activity in the ECOWAS region is improving and most of the large economies are experiencing economic rebound . Just check Ghana trade volume within the sub region of recent, Ghana is well integrated among the francophone state now. Infact akuffo addo already indicate Ghana should go ahead with the rest without Nigeria.

Akuffo Addo indicate Ghana should go ahead without Nigeria
the same Addo and Ramaphosa that was in Abuja begging For Nigeria to sign AfTA

that is funny

Ghana is NOT strong as of yet to carry such burden of lose its monetary sovereignty, it is still fragile, like the rest of the countries, so Ghana should not deceive itself as of yet

We need ti work on ourselves for say 10 to 15 years before we even think of implementing this.


Ghana biggest trading partners are still outside the continent

Akuffo Addo should better think this through

TheGiftedOne:



Most of the pessimists you see here have absolutely no idea about economic policies and its long term impact on international trade. I am a biologist but I try real hard to broaden the scope of of my intellectual horizon.

A greater number of youths spend precious time surfing rubbish on the internet, hence we have pap filled cranium as head all over the place. I'd love to drop my pen here.

read up my reasons as ti why this is a bad idea

you will understand better

Abkreizi:


He is actually being sensible... no sane country will go into a one currency union in this unstable economical climate.....

exactly

Yohh:
I don't understand why some people are just unnecessary pessimistic, always antagonizing anything and everything of their own even without a rational backup explanation.

I'm hopeful this will strengthen our currency strength. Euro is very strong even more than d USD.
If this happens to be d end of naira, so be it. Who naira help before?

Naira Marley won't like dis ooo.

Lanrextop23333:
Dead on arrival

Do you think it's Nigeria thing that you said dead on arrival? So if it comes to fruition on the proposed date then you have to bury your head in shame..... enemy of progress.

grandlexuz:


Lucky Enough You Say Hahaha. Much recently there have been huge protests on the demerits of the CFA, with many average citizens of the CFA zone claiming its giving France an unfair advantage. A few months back the Italian Premier launched an attack on the French for ripping off French Africa through the CFA francs. There was outcry on the streets of most CFA countries. With as much as 90% of the average man wanting to see it phased out.Lol. I am from Cameroon though. However I personally think the CFA is a 50/50 thing. Offering some monetary stability to the CFA zone and at sametime benefitting the French.

That is irony bro. Francophone country are actually in a mess