sufferNsmiling:
No

vaxx1:
Eco plan for Ghana good but ecowas member must enforce change


Deputy Minister for Trade and Industry; Carlos Kingsley Ahenkorah is warning about the adoption of the West African proposed currency Eco in Ghana without other member countries enforcing the regime.

The Member of Parliament of Tema West constituency feared if Ghana adopted the currency and used it but others display protectionist tendencies “they will bring us down.”

The adoption of the Eco as the regional currency has been postponed five times with the current enrollment year set for 2020. The Eco was first planned to be introduced in 2003, but this was postponed several times to 2005, 2010 and 2014.

For the Eco to be implemented, ten convergence criteria, set out by the West African Monetary Institute (WAMI), must be met. These criteria are divided into four primary and six secondary criteria. Up to the fiscal year 2011, only Ghana has been able to meet all the primary criteria in any single fiscal year.

Eco

The four primary criteria to be achieved by each member country are:

A single-digit inflation rate at the end of each year

A fiscal deficit of no more than 4% of the GDP

A central bank deficit-financing of no more than 10% of the previous year’s tax revenues

Gross external reserves that can give import cover for a minimum of three months.

The six secondary criteria to be achieved by each member country are:

Prohibition of new domestic default payments and liquidation of existing ones

Tax revenue should be equal to or greater than 20 percent of the GDP

Wage bill to tax revenue equal to or less than 35 percent

Public investment to tax revenue equal to or greater than 20 percent


A stable real exchange rate

A positive real interest rate

Ghana, The Gambia, Guinea-Conakry (which is French speaking but does not use the CFA franc), Liberia, Nigeria and Sierra Leone are the countries to use the Eco with others in ECOWAS coming on-board.

Source: goldstreetbusiness.com



Just30 , Chrisagyei and others. What do you think?

vaxx2:
but ali bongo was paralyzed also and he failed to resign.

tylann:

That guy has been paralyzed for more than 5 years
Gabon is like a monarchy

vaxx2:
such a useless leader

vaxx2:
such a useless leader

chrisagyei:
I will say West Africa is too poor and very disorganized as compared to Ghana which is well structured and with an over 60 billion dollar economy and over 175 billion dollars GDP by PPP although we can still do better.Ghana is the only success story of West Africa because last time I checked about the economy of Senegal whom I thought had improved a lot buh was appalled because their GDP barely reached 20 billion dollars.For Liberia, Sierra Leone and Gambia their combined GDP is less than 5 billion dollars and Guinea is a very much disturbed and disorganized country.Nigeria is very protective and secretive when it comes to their economy and market and both their micro and macro economic indicators are very bad with bad economic management.The country barely have a tax to GDP ratio of 7% and they heavily rely on oil.High inflation is their middle name and their salary to revenue is about ratio is about 70% with an abnormal wage bill.A Nigerian senator salary alone can pay the Ghanaian president for 8 months and can equally pay the USA president for 3 months aside their huge payroll list.You can testify their government borrowing money from external sources ro pay salaries and their huge salary arrears.That's why they couldn't meet a single of the criteria set.Ghana is very different from West Africa in terms of attitudes,governance and development.EKO will be almost impossible to implement besides the still French controlled colonies won't abandone their master's controlled currency Franc for anything.

vaxx2:
Currently west Africa is not doing very well, the GDP is not really experiencing much growth, The economy is also not growing with the exception of Ghana, senegal amd cote d voire. East Africa have done well too

Since cote devoire and Senegal are not part of the party, it will be of no economic benefit for Ghana to implement it without Nigeria subscribing to it. Liberia, Gambia , amd the two other are very fragile economically and tbe burden of currency value will be determine will be heavily loaded on Ghana.


My little contribution.

XhosaNostra:


What do Kenyans come here & do?

tylann:

I mean why does west Africa economy grow in snail paced manner

PissedYagami:

Obaaderemi you have a bush mentality. A backward mentality. So there are real Kenyans and fake Kenyans?

vaxx2:
So many reasons ranging from Governance, finance, skills,, infrastructure and many others.

East Africa have been more successful in economic integration than west africa. Maybe we need to ask mother nature to let tectonic plate shift Nigeria to East Africa just like how Madagascar find itself partially in india. So you can understand the burden of having Nigeria.

The truth is Nigeria underdevelopment is a serious issues to all other ecowas development and it's development too can also benefit other ecowas member.That is why i advocate for a single country.

tylann:

That is good thing it is business
Maybe they took the money they had invested in equity and went back to the lagoon

vaxx2:
Currently west Africa is not doing very well, the GDP is not really experiencing much growth, The economy is also not growing with the exception of Ghana, senegal amd cote d voire. East Africa have done well too

Since cote devoire and Senegal are not part of the party, it will be of no economic benefit for Ghana to implement it without Nigeria subscribing to it. Liberia, Gambia , amd the two other are very fragile economically and the burden of currency value will be determine or heavily loaded on Ghana economy


My little contribution.

chrisagyei:
[s]why're you idiots quick to attack the messenger instead of attacking or addressing the message.The guy is making excellent points which are all facts because in 2018,Ghana of 29 million people beat you way ahead in FDI and yor FDI has reduced drastically due to bad and worsening factors.You this transgendered obaa girlish idiot have real issues and who the Bleep keeps banning me for giving too much fire on this stupid unknown forum except by the poverty capital citizens of course,stupid poor cursed 200 million useless people.Zoo country and the most stupid country ever.Let them ban me again for this truthful statements made[/s]

sufferNsmiling:


[s]If I am nobody all of you nigerians are attacking me. How can you attack somebody which is nobody. On this thread I am one of those which have exposed my country and I will keep on doing so.[/s]

obaaderemi:
They took the money and put it into Kenyan oil industry.

obaaderemi:
You know it's true.

tylann:
Africa oil is not a Kenyan company

tylann:

Stupid way of thinking
Maybe they are also real Nigerians and fake Nigerians

tylann:

So it is Nigeria which is underperforming

What do you mean by a single country .
Do you want west Africa to be a single country

tylann:

Who let the cows in the airport in the first place

vaxx2:
So many reasons ranging from Governance, finance, skills,, infrastructure and many others.

East Africa have been more successful in economic integration than west africa. Maybe we need to ask mother nature to let tectonic plate shift Nigeria to East Africa just like how Madagascar find itself partially in india. So you can understand the burden of having Nigeria.

The truth is Nigeria underdevelopment is a serious issues to all other ecowas development and it's development too can also benefit other ecowas member.That is why i advocate for a single country.

obaaderemi:
There are settlers and natives. Spot the difference, if you are brilliant enough.

obaaderemi:
Who said otherwise?

chrisagyei:
very true analysis.Ghana will take almost all the burden since Nigeria seems to turn the deaf ear on regional and. continental integrated policies and schemes such as the Africa free trade agreement which they have failed to sign and hardly showing interest with this ECOWAS single currency called ECO.They have a protectionist attitude and feels so insecure like Africa wants to take advantage of their so called huge market.Foolishly and hypocritically they open up their markets to European,American and Asian cheap products such as importing tootpick worth 50 million dollars and tin or can tomatoes worth 400 million dollars last year.They even order pizza from UK buh ban almost all products coming from ECOWAS into their market.They import millions of generators and refined oil whilst they intentionally collapsed their local refineries due to bad management.So Ghana alone can't bear the heavy burden of the ECO since Liberia,Gambia,Sierra Leone and co have very weak GDP and financial structures to facilitate this initiative.

tylann:

What about Nigeria are there settlers and natives

Everyone came from somewhere else and settled
In kenya no one is native to Kenya

So what is your point in short

AskiaHarem:


[s]The delunacy is High in this one. Nigeria makes up the bulk of ECOWAS GDP and development which is greater than that of the entire EAC. Nigeria pretty much solo funds the whole organization. Nigeria manufacturers more than all African states minus South Africa and is currently building multiple oil refineries. It's soldiers are always being sent to police the region(Sierra Leone, Liberia, Mali, Gambia etc). [b] West Africa Is a burden on Nigeria [/b]having to put up with the numerous French Puppet States as well as that envious "Oversized Village".[/s]

vaxx2:
if there is anything Nigeria is afraid of, it is competition with the other ecowas state. THOUGH NIGERIA IS BENEFITING FROM ECOWAS POLICY THAN THE REST. it is unfair practice.

tylann:

I mean why does west Africa economy grow in snail paced manner