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There is a long list of reasons why the Eco - the west African single currency promised by EcoWas - is a bad idea in the short to medium-term #thread
Firstly, it is conceptually wrong to assume that a larger currency area will make west Africa richer. If this was right, Nigerians would be the richest in EcoWas, but instead the smallest member, Cape Verde, is the richest. This implies there should be more currencies, not less 
Secondly, the CFA countries have interest rates that are half that of Nigeria or Ghana, and their (eg Senegal, Cote D'Ivoire) investment rates are much higher. Merging currencies with Ghana and Nigeria would mean slower growth, less investment, higher inflation and fewer jobs
Thirdly, EcoWas is woefully unprepared to embark on a new currency in 2020. The West Africa Monetary Institute is still citing statistics from 2011 - this is 8 years out of date wami.opendataforafrica.org
Fourth, this is a dangerous distraction from what governments have to get right before countries can get richer. The most important priority is educating the population - and while Cape Verde, Ghana and parts of Nigeria have done this - others have to invest more
The next priority should be electricity - because without electricity, there cannot be the industrialisation miracle that has changed Europe, Japan, China and now others like Vietnam. This is far more important in improving lives than a single currency
It is a shame when political leaders have unrealistic goals and waste time, money and energy, on issues that only serve to distract their population from the real economic challenges (a problem only too familiar in Brexit Britain)
