The Significance of Common Currency to the Success of Economic Integration

Abstract

All of the Regional Economic Communities, REC, in Africa, including the Economic Community of West African States, ECOWAS, have been struggling with the creation of a common currency since inception. But common currency is a necessary condition for an economic community to exist. Without economic union, Africans have been in currency unions before. The ascendancy of Africa in the world stage and the main path to avoid a stunted development as revealed in its logistic population growth, are going to depend on the size of its economy and in the use of a common currency.