ECOWAS Single Currency May Never Materialize – Parliament Fears
Princess-Ekwi Ajide Abuja
The dreams of creating the ECOWAS single currency was dampened as members of ECOWAS parliament headed by the Deputy Speaker 1, Hon. Sani Malam Chaibou Boucary, visited the West African Monetary Agency (WAMA) to get first-hand information on their activities during their over sight visit to Sierra Leone.
WAMA is an autonomous and specialized agency of the ECOWAS which was established in 1996 to monitor, coordinate and implement ECOWAS monetary cooperation programme which is geared towards the creation of the ECOWAS single currency, promote the use of national currencies in trade and non-trade transactions within the sub-region, promote and encourage trade exchange liberalization among member states, enhance monetary cooperation among member states, initiate and promote policies and programmes relating to monetary integration among others.
The Officer-in-charge of WAMA, Alhassane Diallo, who intimated the delegation about their activities, informed them that they are working tirelessly to achieve the single currency ambition of ECOWAS.
He, however, counted some of the challenges facing the agency in achieving the single currency dream of ECOWAS to include economic integration, trade in member states which are lower than trades outside ECOWAS, low production, and high inflation and a host of other challenges.
This long awaited dream remains a tall one as the officer-in-charge did not give any timeline when it will be achieved.
Some members of the parliament urged WAMA to engage in massive sensitization in ECOWAS member states so as to create the awareness and political will in member states to achieve the single currency.
The team had earlier during the oversight visit to projects being financed by ECOWAS in Sierra Leone, paid courtesy visits on the Ministries of Foreign Affairs and International Cooperation and that of Planning and Economic Development.
The head of Sierra Leone delegation to ECOWAS parliament, Hon. Veronica Kadie Sesay while explaining the purpose of the visit, said, members from the regional parliament were in the country to oversee and inspect some of their projects.
The Deputy Minister of Foreign Affairs and International Cooperation, Madam Francess Alghali, who welcomed the team to her ministry, said, the work of ECOWAS is very important to Sierra Leone adding that as a community, they should invest in peace, security and democracy.
She assured the delegation that they are always ready to assist ECOWAS achieve its goals.
The Minister of Planning and Economic Development, Madam Kenyeh Ballay, on her part, said, her ministry houses the desk of ECOWAS and that they are also responsible to monitor ECOWAS activities in the country.
Madam Ballay, threw more light on the depot project at the Sierra Leone-Liberia border and the one being undertaken by ECOWAS at Lungi.
She reechoed the government’s big five changers which include feed Salone, human capital development, youth empowerment scheme, revamping the public service and tech and infrastructure.
