Tunis: Lack of Single Currency in W’Africa Impeding Exports

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Michael Olugbode in Abuja

The Speaker, Economic Communities of West African States (ECOWAS) Parliament, Dr Sidie Mohamed Tunis, has lamented that the lack of single currency in the West African sub-region has been impeding viable exports in the area.

Speaking at the the opening of the fifth legislature themed, “ECOWAS Common Currency and the Inter Bank Payment System as Promoters of Regional Trade,” yesterday in Bissau, Guinea Bissau, Tunis said the level of exports which currently stood at 10% margin was very low for a region of 400 million people.

“As you are aware, intra-regional trade is relatively low in the ECOWAS region. According to statistics, it represents about 10% of both exports and imports of Member States. Several reasons have been put forward to explain these low levels of intra-community trade.

“Among these, the lack of a single currency among ECOWAS Member countries, has been identified as a major obstacle and a factor that aggravates…



Source: Thisday Newspaper