The Acting Director General of the West African Monetary Institute, Mister John Kitcher has called for major economic reforms amongst countries of the West African Monetary Union for the attainment of a single currency by the year 2015.
Addressing a technical committee meeting of the union in Abuja, Mister Kitcher said that the performance of the six member states on its macro-economic convergence list was not attained especially in the first half of 2012.
He said that inflation and its fiscal deficit criteria were the most challenging for its member countries which includes Nigeria, Gambia, Guinea, Sierra Leone, Ghana and Liberia.
While highlighting the success made so far by member countries in tackling the effects of the global economic recession and the Eurozone debt crisis, Kitcher listed major economic indicators that are likely to serve as a setback to the realisation of this goal.
However, the Minister of State for Finance, Mister Yerima Ngama and the deputy governor in charge of Economic Policy at the Central Bank, Missus Sarah Alade expressed optimism for member countries.
Both believe there is hope of achieving the goal of a uniform currency for the region, if the revenue mobilisation is strengthened and rationalisation of expenditure is achieved.
