ECOWAS Zone Struggles with Common Currency Implementation, No Progress Made
The article looks at the idea of having a common currency in the ECOWAS zone. The researchers used a cluster analysis to see if the countries in the region are similar in certain ways. They found that the economies in the region, especially in WAMZ, are very different and don't meet the conditions needed for a single currency to work well. Even though efforts have been made to improve this, the data shows no progress has been made. The article also questions the current approach of the ECOWAS monetary cooperation program, which focuses mainly on fiscal criteria to choose countries for the single currency in 2020.