While hosting ECOWAS president, Marcel de Souza a few days ago in Abeokuta, Ogun State, Nigeria’s Olusegun Obasanjo called for a single currency for West Africa.
According to the former president, a single currency for West Africa will help the economy of the ECOWAS member states.
He is certain that adopting the single currency which would be called “Eco” will speed up development and economic growth in the region.
“We have decided that our unit of currency will be ‘Eco’, let us now start using Eco, let Eco become our unit of currency. Single currency unit for ECOWAS states will bring about more development and growth among the states.”
Going further on, Obasanjo says that as the proposed ECOWAS singe currency will help in boosting the economy; it will also help address the unemployment rates in member states of the Economic Community of West African States.
“I have maintained that all of us in West Africa, and indeed in Africa, are sitting on a keg of gun powder for as long as we do not pay adequate attention to youth unemployment.”
“A situation where more than 50 per cent of our youths are unemployed is extremely dangerous.”
“We now have a situation in part of West Africa where people are dying of starvation. Is it that we are not producing enough food? Or if we are producing, are they not evenly distributed?”
“It is shameful because that has led us to be begging international communities for supply of food to West Africa. It is not right.”
Obasanjo who is an ECOWAS envoy to Guinea-Bissau, expressed his readiness and commitment to the progress of the commission. He also urged for more political will to take the sub-regional organization to greater heights.