As you are aware, we are currently implementing the two track approach to the ECOWAS single monetary zone concept. The Gambia, Ghana, Guinea, Nigeria, Sierra Leone, and recently Liberia have been working for the formation of a second monetary zone that will ultimately merge with WAEMU for the formation of the ECOWAS-wide single monetary zone.
The second monetary zone project, like the single monetary zone programme was postponed a number of times due to the inability of its members to meet the macro economic convergence criteria and the structural benchmarks.