Senator Shehu Sani has joined his voice to the calls on Nigeria, Ghana, Gambia, Sierra Leone and all the French speaking West Africa to discard their various currencies and adopt a single currency.
Senator Sani made the call on his Twitter handle, @ShehuSani, on Tuesday, wondering why it is so difficult to achieve this.
He noted that if Germany, Italy, Greece and France can sacrifice their strong and historical currencies for the collective good of their continent, West Africans have no reason not to sacrifice their territorial bank notes for our common economic prosperity.
He tweeted:
“Nigeria should discard the Naira. Ghana should discard the Cedi. Gambia should discard the Dalasi. Sierra Leone should discard the Leone. All the French Speaking West Africa should discard the CFA. It’s time for West Africa to have a single currency. I still wonder why it’s so difficult to achieve this. If Germany, Italy, Greece and France can sacrifice their strong and historical currencies for the collective good of their continent, we have no reason not to sacrifice our territorial bank notes for our common economic prosperity.”
Other observers, however, pointed out the complex challenges caused by the proposal which must be addressed first.
Uyi Samuel, @osamuyi90, observed:
“To achieve a single currency we must first have strong trades amongst ourselves; what we Africa needs so badly now is logistical networks; for more than 100 years Europe has railroad linking every city; you can buy in Italy and move it to Finland in just few hours; if we achieve this then a single currency becomes easy to achieve.”
Petros Farms, @PetrosFarms, noted:
“The idea of a single currency for West Africa involves complex considerations. It is more complicated than counting ballot votes properly, which can be challenging for some African countries. A single currency requires strong coordination among member countries, synchronization of economic policies, and a robust institutional framework to ensure stability and address potential disparities. These challenges make the process more intricate than a simple decision to discard individual currencies.”
While Bola, @BolaBola_NG, added:
“Yes, it’s complex, but strong west Africa economy like Nigeria and Ghana can start just like euro and later admit others that meet the requirement to adopt it. Euro started off with 11 adoptions now 20 countries with Germany and France as leading economy.”
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