ECOWAS: coexistence of multiple currencies will not hinder regional trade, says economist Serigne Momar Seck

In an interview with APS, Seck explained that economic operators already possess mechanisms for cross-currency transactions, and international trade routinely occurs between countries with distinct currencies. He emphasized that the development of regional trade relies more on infrastructure quality, trade fluidity, reduced commercial barriers, and an improved business climate than on the immediate establishment of a single currency. While a common currency remains an important objective for West African economic integration, its short-term absence does not block trade among ECOWAS member states.

Seck suggested that a transitional phase with coexisting currencies could progressively support the integration process without undermining trade dynamics. The ECOWAS single currency project, "Eco," has faced delays due to the need for member states to meet various economic convergence criteria. Seck believes that businesses should not view the temporary coexistence of multiple currencies as a major obstacle, as it can be part of a normal adaptation period before a potential monetary union.