Former President Olusegun Obasanjo today, at the ongoing 24th Annual General Meeting of the African Export-Import Bank (AFREXIMBANK) in Kigali, called for the adoption of single currency for ECOWAS to boost trade.
He made the disclosure while speaking on a topic “Can Regional Economic Communities Work for Africa? Lessons from a Founding Father.
He used the opportunity to call for the adoption of a common currency within the Economic Community of West African States (ECOWAS) to in order to boost regional trade.
He lauded ECOWAS for their ability to resolve issues internally as it has resolved conflicts in Liberia, Sierra Leone and The Gambia.
He said that he wondered why the currency was yet to be adopted, noting that even after the regional leaders had put forward a common currency name “ECO” it was yet to be implemented.
Accordingly he stressed the need for the currency at this time to boast regional trade from 25 per cent to more than 50 per cent, pointing out the need for various currency zones like the Naira zone, the Cedi zone, among others to mitigate the flow of trade within the region.
Obasanjo further itemised a few challenges in policies, trade agreements, among others, as some of trade issues within the region.
He said the region had been most democratic region going by free and fair elections done in the countries.
However, he commended and encouraged the regional leaders for agreeing to surmount these challenges and forge ahead amidst the challenges within the region.
