WRITTEN BY: CHIOMA MADONNA NDUKWU
The West African Monetary Zones (WAMZ) have hit roadblocks in their efforts to implement a single currency across member states, as revealed by the Director-General of the West African Monetary Institute (WAMI), Olorunsola Olofeso.
Despite long-standing aspirations for economic integration, key convergence indicators have declined, casting doubt on the feasibility of achieving a unified currency in the near future. Challenges such as varying economic policies, inflation rates, and fiscal deficits among member states have hindered progress.
The recent meeting in Abuja aimed to assess these challenges and strategize on the way forward, with directives issued to improve data accuracy and convene seminars to address macroeconomic policy issues.
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