….Bloc must remain focused-Edun

Hopes of quick realization of the ECOWAS single currency project remain dim as countries within the West African Monetary Zone (WAMZ) are battling hydra-headed challenges, which have made it difficult for them to meet all the four primary convergence criteria on a sustainable basis for the remaining three years (2024-2026).

The Director General of WAMZ, Dr Olorunsola Olowofeso, who disclosed this in Abuja on Friday at its 51st ordinary session held in Abuja said: “The medium-term projections on macroeconomic convergence, as indicated by the multi-year national macroeconomic convergence and stability programmes of the Member States, suggest that none of the WAMZ Member states will meet all the four primary convergence criteria on a sustainable basis for the remaining three consecutive years (2024-2026) of the convergence phase of the ECOWAS Single Currency Roadmap (2021-2027)”.

He explained that the quest for a single currency by the West African Monetary Zones (WAMZ) would take much longer time to achieve as the convergence indicators have declined significantly.

He added: “The assessment of Member States’ performance reveals that, as at the end of June 2023, all WAMZ Member States failed to meet all the four primary convergence criteria.

“The Zone’s performance score declined to 29.2 percent, compared to 41.7 percent during the same period in 2022”.

Regardless of the disclosure by WAMZ, Nigeria’s Minister of Finance, Mr. Wale Edun, called for harder work to achieve the objectives of the regional bloc.

Edun, who ascended to the position of WAMZ Convergence Council Chairman, said that WAMZ member countries seek to achieve in terms of the regional economic integration may be difficult but not impossible.

“I am sure we have the wherewithal and resilience to realize the ambition. We just need to be very smart in our planning and prioritization, as well as decisiveness in our actions. We must, as a bloc, work together to strengthen and improve the economies of the Zone. I pledge to you, as Council Chair, my full and dedicated efforts to advance this regional agenda. But then, permit me also to stress that I will be counting on your cooperation, understanding and support in today’s deliberations and subsequent ones for a most fruitful conclusion”, he noted.

He also stated that Nigeria was grappling with its own share of macroeconomic imbalances and disruptions.