By Tony Obiechina, Abuja
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.
Dr. Olorunsola Olofeso, The Director- General, West African Monetary Institute (WAMI), Dr. Olorunsola Olofeso
disclosed this during the 51st meeting of Convergence Council of the West African Monetary Zones (WAMZ) in Abuja on Friday.
He said, “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.
“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).”
While presenting the report of the Committee of Governors of WAMZ, Chairman of the Committee and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso said the Committee of Governors has directed the DG to present to it a periodic comprehensive macroeconomic and status of convergence report at the WAMZ Statutory meetings, commencing mid-year 2024.
Cardoso said further that the Committee of governors has “Directed WAMI to update its database to reflect current and reliable statistics for policy analysis; and also convene periodic seminars on topical issues of relevance that seek to provide solutions to macroeconomic policy issues of the member states,” READ ALSO:
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He added, “The Committee of Governors also endorsed the recommendations submitted by the TC and approved the following for the consideration of the Convergence Council and also formulate policy prescriptions that focus on measures to strengthen resilience against future shocks,”
The CBN governor also announced that the Committee has directed the WAMI to liaise with ECOWAS Commission to revive the ECOWAS-WAMI Joint Task Force on Trade-related issues.
