ECO: The Single Currency Agenda in West Africa the Single Currency Agenda in West Africa

The Economic Community of West African States (ECOWAS) agreed to embrace the ECO as its single currency for the 15 countries within the community and set the deadline for 2020. This, however, does not seem feasible as the Anglophone countries such as Nigeria and Ghana have pulled out on the ground that the Francophone countries have breached the spirit of the Economic Community’s Currency Scheme.One of the vital reasons for the decision to adopt a single currency was because the crucial monetary problems plaguing west African countries seemed to be supranational, especially the constraints caused by the International Monetary Systems. The community and various stakeholders believed that these monetary problems could be fixed by currency integration. In light of the COVID-19 pandemic, there is no doubt that there will be a distortion in the global economy. Consequently, this would affect the International Monetary Systems. A shift in the International Monetary Systems could cause either an appreciation or depreciation in the currencies of African countries, particularly in West Africa. Thus, this might be a great time for African leaders and key stakeholders to revisit the decision of a single currency in West Africa.This article analyses the reasons why a currency integration might be necessary for West Africa, the benefits and costs of a currency integration for these Nations. This article also points out the legal, structural and political constraints affecting the implementation of a single currency in this region such as differences in National Laws, Inadequate Infrastructure, political Instability e.t.c. and recommends solutions to these constraints.