ECOWAS, the regional bloc of countries in West Africa, has just revived an old dream: adopting a single currency across member states.
After first broaching the idea at the turn of the millennium, the target launch date for the single currency has been postponed several times after initially being slated for 2003. The latest date to be agreed for the launch of the currency is 2020, with member states also agreeing to name it”ECO.”
A commonly held view as to why the policy is being contemplated is that governments in the region are keen on even more integration, in addition to existing visa-free travel. But just as it has been for much of the past two decades, there are currently too many stumbling blocks in the way.
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