LIBERIA, ECOWAS NOT READY FOR SINGLE CURRENCY
Not only is Liberia NOT ready, but the entire ECOWAS is NOT ready and has not done the necessary economic and monetary integration in member countries before launching the dream “ECO” single currency.
For example, if Liberia’s local currency, the worthless Liberian Dollar is not accepted outside of Liberia in any country in the world, let alone in any ECOWAS country, how does Liberia which has depleted its foreign reserves enter into such financial marriage/arrangement for a regional currency with others with vibrant economies?
Are there economic and monetary benchmarks that a member country must meet as a precondition as was done in Europe for the European single currency, the “Euro”? Did the Liberian delegation ask the necessary questions an economist and financial expert would ask before affixing President Weah’s signature to the agreement?
I see a similar scenario with Britain trying to pull out of the European Union with “Brexit” down the road with stronger economies like Nigeria and Ghana trying to get out of the ECO. ECOWAS has not done the necessary preparations for this move to a single currency. Is ECOWAS in consultations with the IMF and the World Bank on this? Just a thought and not a sermon.
Jerry Wehtee Wion,
Washington, DC, USA