ekt_bear:

I will mind my business when you stop posting nonsense.

barcanista: oga nothing is coming to pass. Na so them begin LIE say na President Obama be anti-christ, now them want shift gear. 2015 will come and go, No anti-christi will show up. Na today we don de hear anti-christ?

CFCfan:

I hope it will be backed by gold. WAMI shouldn't follow the American model, in which the Dollar was untied from gold in 1970. The US dollar is basically fiat money.

As for your 2nd question, the single currency will inevitably lead to single monetary/fiscal policies across the sub-region. The tax rates and any social welfare programs would have to be uniform, in order to prevent a Greece-like economic turmoil.

chris365: Another African copy cat project doomed to fail. Even Europe that has a far more powerful economy tthan our are not finding it easy to cope with such policy.

West Africa first of all needs to focus on building strong economy: like industrialisation, independence from foreign aid (expecially in their budgets, which is one of the major eyesore in development)


Properly implement the ECOWAS integration policy which still has a lot of loop holes.

ensure security in the region (which is greatly lacking) etc...
And this might end up being a burden on Nigeria as Germany is feeling the brunt of the european monetery policy failure (being the power house of the region)

our leaders don't learn. They just wake up, drink sepe and open dia dirty mouths to announce rubbsh.
Well, then again African leaders are senseless and stvpid

coretechng: Where would the member countries apart from Nigeria get $100million dollars each?

Akpa ife: End time is coming I dey see danger soon d whole world will use 1 currency

CFCfan:

That's a valid point. The likes of Greece, Spain et al, have been experiencing economic austerity due to the fact that those countries don't print the Euro. Instead, it's printed by the European Central Bank. WAMI could mandate it's member countries to print the ECOWAS currency themselves, instead of depending on a single ECOWAS Central Bank.

Sybellah: interesting point....backing the money by gold will make the currency more valuable.
That new curr. may help in reinforcing fair trade with the west for some countries. I don't know if it' s currently the same with Naira money but francophone countries with the fcfa currency lose a lot of money on daily trades. Some countries would likely benefit more from the new currency than others but it ll be nice to give it a try. If those measures u mentioned are well followed, it may take a different path from the Euro

EBK2: The strongest country in the Ecowas, Nigeria, as big as it is, is struggling to use Naira to keeps its elements together let alone one big entity, Ecowas, succeeding. No member of Ecowas country small and big has an effective monetary policy system. And history has shown that monetary system not joined by the same fiscal regime is a recipe for disaster. It will end in war (may or may not be physical wars) between countries if implemented. Peripherial countries without close hold on the Central Bank will suffer due to extensive soverign debts because distanced central bank will not finance their budget. How dare Nigeria even allow the Central Bank to be situated in Ghana, a very poor country with a population of 23m and one international airport. Nigeria should just copy UK and Switzerland that kept away from Euro and are laughing. Yes UK has got its economic issue (due to high dependency on financial services and relying on drunken bankers to power the economy) but it could have been worse if they didnt have a central bank to print notes for Her Majesty's treasury.
Some big bellied bureacrats and mandarins, with a view to having a job, will propose what will never work. What are they thinking and what Business School are they products of that they cant even apply commonsense economics. Monetaty Union without a political union, has never worked, doesnt work and will never work. Let them go and ask Euro members. Only way this will work is if Ecowas becomes one country with one govenment and fiscal regime (Nigeria cant even keep together let alone broader Ecowas), but politicians in these countries will kill you for even thinking about that.
Finally, none of the countries involved will ever involve its citizens before signing up to this nonsense. No Ecowas country has a true democracy for they dont care about their citizen. What will happen is that a couple of arrogant and clueless elites will join the bang wagon and adopt this policy (take Nigeria for example), exactly what happend in Europe where the elites in Brussell and Strasbough are manipulating every European citizen like tomorrow doesnt exist.
In conclusion, They should just learn from History and understand simple political econnomics. This has never, does not and will never work. No country should relinquish their Sovereignty to a central and unelected institution situated in dirty Accra. (Gosh! who wants to have their regional central bank in Accra.)No offence to Ghana but it is what it is really.

CFCfan:

That's a valid point. The likes of Greece, Spain et al, have been experiencing economic austerity due to the fact that those countries don't print the Euro. Instead, it's printed by the European Central Bank. WAMI could mandate it's member countries to print the ECOWAS currency themselves, instead of depending on a single ECOWAS Central Bank.

Ajasnoop: Europe is not having the best of times with the single currency. West Africa wants to start. #whatsthepoint

ghananotnaija: Please no common currency with Nigeria involved. Nigeria will single-handedly bankrupt the entire West Africa. Keep Nigerian incompetence inside Nigerian borders.

CFCfan:

That's a valid point. The likes of Greece, Spain et al, have been experiencing economic austerity due to the fact that those countries don't print the Euro. Instead, it's printed by the European Central Bank. WAMI could mandate it's member countries to print the ECOWAS currency themselves, instead of depending on a single ECOWAS Central Bank.