West African member countries have been urged to work on revitalising their economics and cut down on their high dependence on importation of goods including basic commodities.

Speaking at a summit of West Africa Monetary Agency Institution today (3 Feb.), Dr Peter Kofi Dadzie, the outgoing chairman of the agency said “the war in Ukraine which has still not subsided substantially as expected appears to hit our region particularly in terms of rise in food prices and inflation given the region’s slow economic diversification and higher import dependance.

“This therefore is another wake up call for us to look inward as well as collaborate more effectively as a sub-region to improve the living condition of our people and fasten our economic integration.”

Dr Dadzie continued: “Member states must be proactive in installing their economics with coordinated response globally to economic shocks. 

“Home grown developments measures is essential at this part such that we can shield ourselves from this external vulnerabilities.” 

The Ecowas summit in Banjul is also discussing the modalities for the introduction of a regional single currency in 2027. 

The currency which will be pegged to the Euro will aim to boost cross border trade. 

Reporting by Adama Makasuba