Issues
ECOWAS And Challenges Of Implementing Single Currency System
Governor Akinwumi Ambode of Lagos State (2nd left), inspecting traffic flash points in Lagos. With him are secretary to Lagos State Government, Mr Tunji Bello (right) and director, transport engineering, Lagos Ministry of Transportation, Dr Frederick Olofin. Photo: NAN
Analysts opine that Eco
nomic Community of West African States (ECOWAS) has been contending with some challenges since its inception 40 years ago.
One of such challenges, according to them, is the ECOWAS member-states’ desire to implement a single currency regime in the West African Monetary Zone (WAMZ).
They recall that at the 31st meeting of the Committee of Governors of WAMZ in Abuja in 2014, member-states observed that single currency ought to have been implemented irrespective of challenges in the states since January 2015.
Quoting from the speech of Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN) during the meeting, they insist that a lot must be done to make the single currency regime a reality.
The CBN governor had earlier explained during the meeting that the study of countries’ preparedness showed that there were challenges hindering the performance of their economies from meeting the convergence criteria for single currency system.
“The study notes that various countries continue to make remarkable progress towards the establishment of a common market and the implementation of the ECOWAS trade integration protocols and reform of their financial systems.
“On the strength of this assessment, the study concluded that the implementation of the monetary union by January 2015 is unlikely.
“Their level of institutional preparedness for the monetary union remains inadequate,’’ he said.
He also observed that member-countries’ business cycle harmonisation in terms of real Gross Domestic Product (GDP), inflation, broad money and interest rate remained weak. He called for intensified effort on sensitisation of all stakeholders and urged individuals to evaluate, ratify the various WAMZ protocols and strive to implement them accordingly.
According to him, member-countries should place emphasis on effective coordination between fiscal and monetary policies to support price stability mandate and create appropriate macro-economic environment that is conducive for intra-regional trade.
Sharing similar sentiments, Amb. Bashir Yuguda, the former Minister of State for Works, noted that in spite of the fiscal and other challenges facing the various countries, the integration of the sub-regional monetary system remained vital to ongoing efforts at making the ECOWAS sub-region a major economic bloc in the global economic order.
He, nonetheless, observed that Nigeria had met the four primary parameters, Liberia and Sierra Leone had satisfied three while other countries were still moving towards achieving that in spite of their challenges.
Dr Sarah Alade, the Deputy Governor, Economic Policy Directorate, CBN, however, said that Nigeria met all the criteria set for achieving a common currency for the regional bloc.
“It is important to recall that the deadline for the WAMZ countries to achieve monetary integration was set at Jan. 1, 2015.
“Also, the modified revenue approach under the aegis of ECOWAS was approved by assembly of heads of states and government to replace the two-track approach to monetary integration in ECOWAS for Jan.1, 2020,’’ she said.
According to her, the four primary criteria needed for the convergence, which Nigeria has met, include single-digit inflation rate at the end of each year and a fiscal deficit of not more than four per cent of GDP.
“Others are a central bank deficit-financing of not more than 10 per cent of the previous year’s tax revenues and gross external reserves that can give import cover for a minimum of three months.
“Liberia and Sierra Leone have met three out of the four criteria and there had been a consistent challenge of year-to-year compliance of the criteria by the member-states,’’ Alade said.
Besides achieving single monetary regime, stakeholders insist that ECOWAS should emphasise on cooperation and economic integration of West African region.
According to them, this will improve the living standard of the people in the region, enhance economic stability, foster relations among member-states and contribute to the progress and development of Africa.
They advise ECOWAS to ensure proper implementation of harmonised regional and sectoral policies to quicken the implementation of single currency system.
According to the analysts, the full implementation of the single currency will improve the welfare of ECOWAS citizens, promote price stability across the region and minimise exchange rate uncertainty.
They also affirm that the single currency system will make the region more attractive to foreign investors who will be confident to invest in the economy.
Expressing optimism, Rep. Faruk Lawal, Chairman of ECOWAS Parliament Committee of Administration, Finance and Budget Control, said that although there had been challenges among member-states in meeting the requirements for the implementation of the system, there were impressive developments.
“ The difficulty in complying with the set of convergence criteria by all ECOWAS member- states has led to delays in establishing a common currency.
“Much is still left to be done in the implementation of single currency system in the region which deadline has again been set for 2020,’’ he said.
He noted that the benefits of ECOWAS single monetary system could be equated to how the Europeans use the Euro as a common currency to enhance the unity of the region.
“We will now have a common currency, just like Euro in Europe, which will further facilitate better commerce as it promotes free movement of people and goods.
“The initiative will also harmonise our market, instead of having a fragmented market where you need to use different currencies with different exchange rate,’’ Lawal explained.
But Sen. Ike Ekweremadu, the Speaker of the ECOWAS Parliament, noted that the francophone countries delayed the implementation of single monetary system.
According to him, there is already a common currency — Franc des Communautés Financièresd’Afrique (franc CFA) — used among francophone ECOWAS member-states that belong to the Union Economic Monetaire Ouest Africaine (UEMOA).
He insisted that the existence of UEMOA Parliament for the francophone ECOWAS member-countries had posed a problem to speeding-up all the stages leading to the implementation of single currency system in the region.
“UEMOA has a common currency and a parliament that is functioning, it has a central bank that is working and most of its institutions are also working.
Ajuba writes for News Agency of Nigeria (NAN)
Glory Uche-Ajuba
This is an open letter to the Minister of the Federal Capital Territory, Chief Nyesom Wike.
Your Excellency,
Sir, ordinarily, I would not be writing an open letter to you, but like a wise man once said, “Silence would be Treason.” So I prefer to stay alive than face the consequences of silence in the face of crime. With each passing day, and as the socio-political tides continue to turn, it has become more pertinent that more people speak up in a concerted MANNER to prevent the death of our party, the Peoples Democratic Party (PDP), as we appear to be, in the words of W. B. Yeats, “turning and turning in the widening gyre” heading for an end where the falcon will no longer hear the falconer
It is unfortunate that since losing control of the Federal Government, with the loss of President Goodluck Jonathan at the poll in 2015, our party, the Peoples Democratic Party (PDP), has continued on a downward spiral. It is much more painful, that where it is expected that leaders within the party should rise to the challenge and put an end to this decline of our great party, some have instead taken up roles as its undertaker.
It will be hypocritical to claim aloofness to what I believe is your grouse with the PDP and I am not a hypocrite. It will be uncharitable on my part to discountenance the role you have played in strengthening the PDP from 2015 up until the last Presidential primaries of the party. It is my belief that your grouse against certain members of the party who you perceived worked against the party and abandoned it in 2015 and then came around much later to take control of the party, is justified. Also know that your decision to remain in the Party and stifle its progress on the other hand, as a sort of payback, stands condemned. For a man of your pedigree and stature, it is a dishonorable act, highly dishonorable and stands as testimony against all you claim to stand for.
At least, it can be argued that those who you hold this grudge against, abandoned the party completely and did not sit back while actively working to destroy it from within. But what then can be the argument on your own part, seeing that those you are currently working with against your party are the same people who set in motion, and executed surgically, the plans that not only ended our Party’s leadership at the centre, but ended up dislodging the first Niger Deltan to occupy Aso Rock as Commander in Chief of the Armed Forces. Is this not akin to “cutting off one’s nose to spite one’s face?” That will be worse than folly. Let us not throw away the baby with the bath water because we do not like the soap used in bathing the baby. It will be a grave mistake.
Honourable Minister, sir, it is rather unfortunate that of all people, you have also decided to play the role of an undertaker not only for our party, but for our dear Rivers State.
I will like to take you down memory lane a little. Let me remind you of your emergence as Guber candidate of the PDP in Rivers State, against all fairness and justice in 2014. You will remember that despite the reality being that you as an Ikwerre man was poised to replace a fellow Ikwerre man in Governor Chibuike Rotimi Amaechi in our multiethnic state, Rivers people overwhelmingly stood by you and pushed for your emergence as Executive Governor of Rivers State in 2015. I dare say that your popularity in the entire Niger Delta region was at an all-time high at this point.
I want you to understand why you were loved across board leading to your eventual emergence as Governor of Rivers State in 2015; it was because when it looked like all were against the second term ambitions of the first Niger Delta man to emerge as President of Nigeria, you became not just a pillar but a beacon of resistance by standing for Goodluck Jonathan. Rivers people, as grateful and rewarding as they can be, paid you back by ensuring your electoral victory against the incumbent All Progressives Congress (APC) led by your predecessor. On your emergence, where there were second term Governors in the region, you, a first term Governor, was seen by the people as not just the leader of the PDP, but the leader of the entire Niger Delta region. You earned it, and no one could dispute it.
In 2019, when your re-election bid was being challenged ferociously, Rivers people once again stood solidly behind you. Many were killed in the process of defending your votes. Do you remember Dr. Ferry Gberegbe that was shot and killed while trying to protect your votes in Khana Local Government Area? There are many more unnamed and unrecognised sons and daughters of Rivers State who sacrificed their lives so that you could emerge as a second term Governor of Rivers State.
In 2022/23, Honourable Minister, you oversaw a party primary across board that saw some candidates imprisoned and internal party democracy jettisoned for your wishes, leading to the emergence of flag bearers of our party all singlehandedly picked by you. You have on more than one occasion publicly stated that you paid for all their forms. Even those shortchanged in this process licked their wounds and continued to play their roles as party members to ensure the success of the party at all levels. In what will go down as one of the most keenly contested elections in recent Rivers history, with formidable candidates like Senator Magnus Abe of the Social Democratic Party (SDP), Mr Tonye Cole of the All Progressives Congress (APC), and the vibrant youth driven Labour Party (LP), PDP emerged victorious across board except for Phalga Constituency 1 that was lost to the Labour Party. (Not that you did not loose in some other LGA’s but let’s stick to the official figures declared by INEC).
It begs the question, why then do you want to burn down Rivers State, when everyone who now holds political office emerged through a process designed and endorsed by you? Is it that you do not care about Rivers people and you are all about yourself? If so, I am forced to believe that those around you are not telling you the truth. The truth being that in a state where your words were law; where houses and businesses could be demolished or closed down without any recourse to legalities, where Executive Orders could be deployed to stifle the opposition, that your popularity is now at an all-time low. Probably because they are afraid of you, or of losing the benefits they gain from you, they fail to tell you that what you might perceive as a battle against your successor, has slowly but gradually degenerating into a battle against Rivers State and Rivers people. You know, there is a popular saying that, a man can cook for the community and the community will finish the food, but when a community decides to cook for one man, the reverse is the case.
LEAVE FUBARA ALONE
You have gone on and on about being betrayed by Governor Siminalayi Fubara. You point fingers forgetting that some of those same fingers quick to spot betrayals point straight back at you. It is not Governor Fubara that has betrayed the PDP by working against it in the just concluded General Election, and working with the opposition at the State and Federal level to destabilise the party. It is you, Honourable Minister. It is not Governor Fubara that betrayed Rivers people by instigating a political crisis with propensity to escalate ethnic tensions in Rivers State. It is you Honourable Minister. It is not Governor Fubara that has declared himself God over all in Rivers State and has no qualms with burning the state to the ground to prove a point. It is you Honourable Minister. It is you Honourable Minister who told the world that the APC was a cancer and you can never support a cancerous party. It is you Honourable Minister who ended up facilitating the emergence of the same “cancerous” APC that has accelerated the economic decline of this country and further impoverished our people with no remorse. All so you can be a Minister of the Federal Capital Territory? The lack of self awareness is gobsmacking.
Some days back I came across a video where you talked about death and how you do not cry when you hear about the death of some people because you have no idea what might have caused it considering many a politician swear “over dead bodies” and still go back on their words. Those words made me think, and I could see the reason behind them. You see, in chosing to be God in the affairs of Rivers people, you have closed your eyes and ears to reason; you see nothing and hear nothing that can cause you to rethink on the path you have chosen. In your quest to “show Fubara” you have unwittingly united a vast majority of Rivers people behind him, so much that even those who despised him because of you, now like or love him, because of you too. In your scheming, I will advise you not to forget that “the voice of the people is the voice of God”.
Note that the war which you have or are waging against Governor Fubara, has gone beyond being merely political as you might see in your minds eye. It is now one that, fortunately for some and unfortunately for others, has evolved into a war against Rivers people. It is good to point out that no one has taken a stand against Rivers people and won. No one has gone against God and won. In your defiant characteristic manner, it will be unfortunate if you believe your own hubris and that of those around you on the possibility of you being the first to successfully go against Rivers people. It will be a needless gamble; one where if you win you create more enemies for yourself than you can withstand on your political journey, and if you lose, your legacy becomes an inglorious and irredeemable one in Rivers State, the Niger Delta, and Nigeria at large. For your sake as regards posterity, it is my greatest wish that you have a moment of sobriety and a deep reflection and introspection on this path you have chosen.
Honourable Minister, sir, what is left of your legacy is on the brink of being completely desecrated and relegated to the dustbin of our political history, and it will be a sad end to what I will say has been a wonderful political career that many can only dream of. The ball is in your court, and may God Almighty have mercy on us all and forgive us for our shortcomings.
Gabriel Baritulem Pidomson
Dr Pidomson is former Chief of Staff, Government House, Port Harcourt and former member, Rivers State House of Assembly.
In 2015, I made a conscious decision to invest my financial resources, my time, and energy into supporting Nyesom Wike’s gubernatorial campaign. I poured my heart and soul into ensuring Nyesom Wike emerged victorious even at the risk of my personal safety.
Again in 2019, I doubled down on my commitment. I invested a significant amount of money to procure campaign outfits for all twenty-three Local Governments Areas of Rivers State. I spared no expense in supplementing Wike’s election efforts in my own local government, and once again putting myself at great risk to safeguard the fairness and transparency of the electoral process.
However, despite my unwavering loyalty and sacrifices, I found myself abandoned and forgotten by Wike. Throughout his eight-year tenure, he failed to acknowledge my contributions or fulfill his promises and agreements. Even as a former Deputy Governor, Wike denied me my severance benefit.
My investment in Wike’s governorship was not just financial – it was a commitment of passion, dedication, and belief in a better future for Rivers State. Yet, his leadership style of dishonesty, greed, drunkenness and rash abuse of senior citizens brought me nothing but disappointment, misery and losses.
By the grace of God, today I speak not as a victim, but as a hero. I have accepted my losses, and I have moved on. And as I reflect on my experience, I cannot help but urge Wike to do the same and allow peace and development to reign in Rivers State.
Nyesom Wike, when you speak of investing in Governor Sim Fubara’s election, remember those like me who also invested in you. Remember the sacrifices I made, the risks I took, and the promises and agreements you left unfulfilled.
It is time for you, Wike, to let go of the past and allow Governor Sim Fubara the breathing space he needs to lead Rivers State forward. Allow him to focus on the challenges of good governance and the aspirations of the people. Spare him these unwarranted and ill-conceived political manoeuvrings founded on personal agenda and not for general good of Rivers State and her people.
I may have lost my investment on Wike, but I have not lost hope in the future of Rivers State. And together, we will continue to strive for a brighter tomorrow.
Long Live the Governor to Rivers State, Sir Siminialayi Fubara!
Long Live the Good People of Rivers State!!
Long Live the Federal Republic of Nigeria!!!
Engr Ikuru is former Deputy Governor of Rivers State.
Tele Ikuru
