By Ifeanyi Onuba, Abuja

Tuesday, 8 Feb 2011

The failure of some countries within the West African sub-region to meet the convergence criteria may threaten the proposed commencement of the single currency regime for the sub region, the Minister of State for Finance, Hajiya Yabawa Wabi has said.

The minister, who said this on Monday, in Abuja, while declaring open the 30th West African Monetary Zone meeting noted that the single inflation target, as well as fiscal deficit criteria had not been met by majority of the countries within the sub-region.

She said that a review of the WAMZ countries performance in 2010 had indicated a decline in these macroeconomic criteria.

The minister pointed out that Ghana and Gambia met three of the primary criteria. However, Guinea, she said, experienced its worst performance since December 2005 as it did not meet any criterion in 2009.

For Nigeria, she said, the country sustained its performance by maintaining three criteria as at June 2010, while Sierra Leone met only one criterion at the end of the 2009 period.

To this end, the minister said that the 30th technical committee would ponder on the macroeconomic development, structure of WAMZ institutions, payment system within the sub-region as well as the harmonisation of trade and statistical problems with a view to coming out with a blueprint that would enable member countries meet these criteria.

Source: Punch