Economist Believes ECOWAS Leaders Are Lying About New Currency

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Director of the Economics Division at the Institute Of Statistical, Social and Economic Research(ISSER), Professor Peter Quartey is not overly enthused about the proposed adoption of a common currency for ECOWAS countries, insisting it is more of an expression of good motive rather than the actual execution of plan.

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Professor Quaye, who is no stranger to the honeyed economic talks of politicians is urging sub-regional leaders to work at satisfying the crucial elements for the fulfillment of the common currency goal and focus on building a solid foundation for the Eco.

 

West African leaders approved the currency at a meeting in Abuja, Nigeria and approved a strategy towards its release in January 2020.

Professor Quaye maintains a belief that West African leaders are in a sense building a platform for the use of the currency being fully aware of the challenges ahead. The economic expert believes its more or less a campaign for the Eco rather than a firmed up deal to commence the use of the currency.

“The Heads of States are basically encouraging members to strengthen their economies to make sure they get the processes right ahead of the 2020 deadline. But I do not think it is a definite situation that we are going into the use of a common currency system,” he insists.

The finance expert beliefs the optimism being expressed across the sub-region does not hold much spice, insisting that the most foundational matters have not been looked at, thus the thrills of a mother currency to cushion the independent economic tussles of West African States is far from actualization.

 

 

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