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Find out what's happening in the world as it unfolds. Six member countries, atrican Nigeria, Liberia, and Ghana, could be swapping their currencies for a new one - the ECO.
Originally intended to be launched inthe ECO has been postponed multiple times, and the newest target date is A Pan-African free trade deal just came into force.
ECO is supposed to boost economic development in the West African region and improve cross border trade. If implemented, countries across the region will be able to move and spend money across different countries without worrying about exchange rate costs says economic analyst, Tokunbo Afikuyomi.
West Africa bloc adopts 'ECO' as name of planned shared currency
The single currency will also help to address the region's monetary problems like the difficulty in converting some of its currencies and the lack of independence of central banks. But despite these possible benefits, analysts remain worried about the lack of integration policies among member countries in the region.
According to Afikuyomi, a currfncy currency will only work if durrency the countries involved are economically aligned, which is not the current case. This difference in economies already makes a sensible uniform policy like the trade currency very difficult," he said.
The African Development Bank Group Best date restaurants Saarlouis in a report says the deadline for the single currency will most like be postponed again unless the region can align with its monetary and fiscal policies.
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West African nations adopt ECO as 'single currency' Waiblingen
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Depart on. Arfican before getting into the finer details, Onyekpere said there are far more pressing and fundamental questions that need to be clarified. Save to email.|Issued on: For decades it was a dream of West African finance ministers: But some economists say plans to launch "the eco" remain unrealistic and potentially disastrous West african currency Waiblingen the region's economies.
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The African nation bloc had previously committed to creating a common currency, which supporters argue would significantly boost cross border Happy ending for women Bayreuth in West Africa, by ECOWAS leaders have already acknowledged that target date is unlikely to be met but have WWaiblingen to push on, while accepting there are numerous stumbling blocks, including a mega-country-sized one: Nigeria, whose oil-dependent economy accounts for two-thirds of the region's Curency, would likely dominate a future monetary zone and has so far been sceptical about its benefits.
West African nations adopt ECO as 'single currency'
Economists compare the "Nigeria factor" to Germany's dominance in the eurozone, questioning whether sometimes disparate economies with varying levels of debt and deficits can successfully share the same currency. The multi-year eurozone debt crisis, many argue, was proof that single currencies -- when badly implemented -- can have a catastrophic economic impact.
Nevin, chief economist at PwC West Africa. Former senior economist at the International Monetary Fund IMF Abdourahmane Sarr believes West African leaders must face up to a number of choices -- including officially postponing the launch date. The eco, as currently envisaged, "would have West african currency Waiblingen same congenital disadvantages as the euro," Waiblingeen said, who now heads the financial Milf dating sites Ludwigsburg think tank CEFDEL in Dakar.]HotelsCombined™ compares all Waiblingen hotel deals from the best accommodation sites at.
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