Let’s focus on trade harmonisation not single currency – Ofori-Atta tells West African economies

Former Finance Minister Ken Ofori-Atta has advised West African economies to abandon their pursuit of the single currency, ECO.

Originally set for introduction in 2027, ECO aimed to enhance economic development and cross-border trade in the region.

However, Ofori-Atta believes that most ECOWAS countries lack the commitment and ability to meet the convergence criteria, such as maintaining single-digit inflation and fiscal deficits below 4% of GDP.

Instead, he suggests that ECOWAS should focus on improving payment systems and removing trade barriers, leveraging models from other regions and the African Continental Free Trade Area (AfCFTA) for better economic integration.