The Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Thursday cautioned the Council of Ministers and Governors of Central Banks of the West African Monetary Zone against a hasty launch of the monetary amalgamation for the sub-region.
The warning is coming 24 hours after it emerged that the January 1, 2015 take-off date for the utilization of a single currency in the sub-region was no longer realisable.
The six countries that made up the WAMZ are Nigeria, Liberia, Sierra Leone, Gambia, Ghana and Guinea.
The single currency-Eco was first orchestrated to be introduced in 2003, but its launch was deferred an abundance of times to 2005, 2010 and 2014.
At a meeting of the Convergence Council of Ministers and Governors of West Africa on May 25, 2009, the take-off of the currency was rescheduled to 2015 due to the international economic crisis.
Verbalizing in Abuja at the aperture session of the 34th meeting of the convergence council ministers and governors of central banks of the WAMZ, Okonjo-Iweala verbalized rather than rushing to launch the monetary cumulation, the council should consider a sustainable take-off that would stand the test of time.
She urged the council to consider developments in the Eurozone and ascertain that the edifications learnt were integrated into its recommendations in order to eschew the pitfalls that bedevilled the European monetary zone.
Okonjo-Iweala verbalized, “I urge you all to work strenuously towards meeting the set target date. We must not forget that the most sacrosanct objective in this endeavour is not a hasty launch of a monetary amalgamation, but an enduring and sustainable one that will stand the test of time when it eventually takes off.
“It may only take some time to launch when we are comfortable that the economic fundamentals to achieve a vigorous monetary cumulation are in place.”
Withal verbalizing, the President, ECOWAS Commission, Mr. Kadre Ouedraogo, verbalized the zone had adopted a revised roadmap with limpidly defined responsibilities to the regional institutions involved in the monetary integration process.
He verbalized, “It is pellucid that the intended aim is not to rush to engender a currency without a solid economic substructure.
“The aim is not only to draw edifications from successive postponements of missed deadlines in 2003, 2005, 2009 and probably 2015 for the WAM, but withal take into consideration the factors abaft the Euro crisis; that is to verbally express, the fiscal and budgetary quandaries.”
