Social activist and lawyer, Justice Osai Ahiakwo has listed insecurity, poverty, bad leadership/governance and rising crime rates as some of the challenges that will impact against the proposed ECO Currency by the Economic Community of West African States, ECOWAS.
In a statement in Calabar, the public analyst stated that many ECOWAS members have weak economies due to wrong economic policies which make them rely on foreign conditional support.
“The overreliance on foreign goods and services, trading with pounds, dollars, and euros remain the basic factors that have an overbearing effect on the hardship experienced by the people in West Africa.
“The change of currencies can only yield the desired result in improving conditions of the people once the right integrated economic policies are put in place,” he said.
He added that, “if the proposed ECO must succeed, ECOWAS must ensure that the member states are industrialized, translating into becoming producing nations rather than consumers.
“Inter-border trade among member nations must be encouraged; they should also strengthen the security network to attract financial overflow.
“This will enhance the general acceptability of the proposed legal tender. And if it is not in full circulation, the currency will become les ipso facto, self-inflicting on member nations.”
Lawyer expresses concerns over proposed ECO currency