West African countries have joined forces to interlink their payment system in order to make trading between them easier. The Director-General of West African Monetary Institute (WAMI), Mrs Ngozi Egbuna made this known on Sunday on the sideline of the IMF/WB Annual Meetings in Bali.
She revealed that with funding from the African Export-Import Bank, the Institute is currently working to link the payment system of Gambia, Guinea, Ghana, Liberia and Nigeria.
She said that once the linkage is done, West African States will be closer to achieving their dream of migrating to a single currency, known as the ECO. Egbuna said that the success of the West African linked payment system would also convince countries that were still cautions of the single currency plan, of its importance in boosting intra-trade.