How does west africa make money

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how does west africa make money

Fifteen West African nations have announced more details about their plan for a new shared currency, the Eco, which they hope to launch in In a statement, Ecowas said member countries had adopted a flexible exchange rate regime. They will next work with the West African Monetary InstituteWest African Monetary Agency and central banks to create a new revised single-currency road map. Together they have a population of about million people. It is currently pegged to the euro. This latest announcement happened as the African Continental Free Trade Area was coming into effect in some countries.

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Bargaining is a staple of most informal transactions across the region. As a general rule, bargaining is usually expected in markets and street stalls, especially those that sell handicrafts aimed at tourists. It is sometimes possible to negotiate a discount for taxis and even accommodation, but this varies from one country to the next. Although ATMs are arriving, cash remains king. Don’t bring anything except euros in former French, Portuguese or Spanish colonies, while US dollars are preferred in Anglophone countries. Many people will also accept it as valid currency, especially in taxis or at market stalls in The Gambia and Guinea. Both versions of the CFA are fixed against and supported by the euro at a rate of One result of this arrangement is that most banks change euros into CFA without charging a fee or commission. That said, at hotels and foreign exchange bureaux, expect rates of or lower, and plan on paying commissions when changing euro or any other currency travellers cheques into CFA. In recent years, the political leaders of The Gambia, Ghana, Guinea, Nigeria and Sierra Leone — the majority of West Africa’s non-CFA block — have spoken of moving towards their own common currency, to be known as the ‘eco’, which would later merge with the CFA and thereby create a single currency throughout most of West Africa. Don’t expect this to happen in a hurry, and it may not happen at all.

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In the meantime, countries outside the CFA zone each have their own individual currencies. ATMs are found in most major West African towns and cities. In theory they accept credit and debit cards from banks with reciprocal agreements. Remember that ATMs often go out of service and sometimes run out of money. For this reason, always take out the maximum the ATM allows. It can sometimes be best to change your money through unofficial sources such as money changers, supermarkets and other businesses, either for convenience they keep longer hours than banks or to get a better-than-official exchange rate. Unofficial money changers are also tolerated by the authorities in some border areas, where there are rarely banks. Although you may have no choice at a border crossing, the general rule throughout West Africa is to only change money on the street when absolutely necessary.

Member countries had adopted a flexible exchange rate regime

For decades it was a dream of West African finance ministers: ushering in a regional single currency to boost trade and growth. But some economists say plans to launch «the eco» remain unrealistic and potentially disastrous for the region’s economies. Almost 30 years since the goal was first sketched out, the Economic Community of West African States, better known as ECOWAS, will meet in Abuja on Saturday to accelerate plans for what they see as an African version of the euro, the European Union’s single currency that was forged out of national units over two decades ago. The African nation bloc had previously committed to creating a common currency, which supporters argue would significantly boost cross border trade in West Africa, by ECOWAS leaders have already acknowledged that target date is unlikely to be met but have vowed to push on, while accepting there are numerous stumbling blocks, including a mega-country-sized one: Nigeria. Nigeria, whose oil-dependent economy accounts for two-thirds of the region’s GDP, would likely dominate a future monetary zone and has so far been sceptical about its benefits. Economists compare the «Nigeria factor» to Germany’s dominance in the eurozone, questioning whether sometimes disparate economies with varying levels of debt and deficits can successfully share the same currency. The multi-year eurozone debt crisis, many argue, was proof that single currencies — when badly implemented — can have a catastrophic economic impact. Nevin, chief economist at PwC West Africa. Former senior economist at the International Monetary Fund IMF Abdourahmane Sarr believes West African leaders must face up to a number of choices — including officially postponing the launch date. The eco, as currently envisaged, «would have the same congenital disadvantages as the euro,» Sarr said, who now heads the financial development think tank CEFDEL in Dakar. At Saturday’s summit, ECOWAS leaders will examine preparatory work adopted earlier this month including consensus on the name «eco», preferred over «afri» and «kola».

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African Vibes Magazine

With the exception of South Africa and the countries of North Africaall of which have diversified production systems, the economy of most of Africa can be characterized as underdeveloped. Africa as a whole has abundant natural resources, but much of its economy has remained predominantly agricultural, and subsistence farming still engages more than 60 percent of the population. Until the beginning of the 20th century this system of farming relied on simple tools and techniques, as well as on traditional organization of the family or community for its labour. Because of poor transport and communications, production was largely for domestic use.

Mineral resources

There was little long-distance trade, and wage labour was virtually unknown. The small size and vast heterogeneity of polities at that time also made exchanges very limited. Hoq were, however, notable exceptions, especially in western Africawhere for many centuries societies had engaged in long-distance trade and had elaborate exchange and craft facilities, communications, and a political infrastructure to africw their trade routes. Africa experienced considerable economic development during the 20th century, and, while this provided many benefits, it also gave rise to a number of serious problems. The first significant changes occurred under colonial rule in the first half of the century: wage labour was introduced, transportation and communications were improved, and resources were widely developed in the colonial territories. The legacy of this, however, has been that the export of two or three major agricultural products or minerals—such as peanuts, petroleumor copper—has come to provide most of the foreign-exchange earnings for nearly all African countries. Fluctuations in the prices of these commodities have made the economies of these countries vulnerable and fragile. The situation has been how does west africa make money in countries in the marginal dryland zones, maje the increasing frequency of drought conditions have undermined agricultural productivity. The second major change was the vigorous promotion of industrial development, often with foreign assistance, that took place in the two decades —80 following the political independence of most African countries.

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