Gambiaj.com – (Banjul – The Gambia) – The Gambia’s Finance Minister, Seedyu keita, has openly acknowledged that the country has never simultaneously met all four key macroeconomic benchmarks required to join the proposed ECOWAS single currency, the ECO, raising serious concerns about the feasibility of the regional bloc’s ambitious 2027 launch target.
Appearing before the National Assembly on Wednesday, the Minister of Finance and Economic Affairs delivered a frank assessment of The Gambia’s readiness for the monetary union. He conceded that despite intermittent progress over the years, The Gambia has “never met all four convergence criteria at once.”
“We have never fulfilled all the requirements. That is the simple answer,” the minister stated, confirming lawmakers’ concerns over the nation’s preparedness.
Inconsistent Economic Performance
The minister explained to lawmakers that the ECOWAS convergence criteria, which include maintaining low and stable inflation, a sustainable fiscal deficit, manageable public debt levels, and adequate foreign reserves, have proven to be “moving targets.”
He noted that in some years the country meets two out of the four, and in other years three, but has consistently fallen short of meeting all of them at the same time due to fluctuating economic circumstances.
The ‘Nigeria Factor’ and Regional Readiness
Beyond The Gambia’s domestic economic challenges, the minister stressed that the nation’s small economic size limits its influence within the bloc, emphasizing that the success of the ECO hinges on the performance of its largest member. He noted that sixty percent of ECOWAS is literally Nigeria, and therefore, “Unless Nigeria makes substantial progress, our own fulfillment of conditions is of no impact.”
The remarks come amid widespread skepticism regarding the 2027 deadline, with the minister revealing that even regional bodies like the West African Monetary Agency (WAMA) and the ECOWAS Commission have postponed public sensitization campaigns because of the persistent uncertainty surrounding the rollout.
The Minister cautioned that the convergence efforts are currently being reassessed regionally and hinted that the final decision on the 2027 goal may ultimately be driven by political decisions rather than purely by economic indicators.
Lawmakers Demand Transparency
The Assembly session saw a brief rise in tension as lawmakers pressed the minister on the country’s obligations, culminating in his clear-cut admission. As the debate concluded, lawmakers voiced considerable frustration, insisting that the Gambian public deserves transparency about the country’s actual preparedness for a currency that promises to significantly reshape regional trade and financial flows.
Despite the current national and regional shortcomings, the minister affirmed The Gambia’s commitment to joining the ECO but emphasized that broader regional readiness—particularly the progress made by Nigeria, will ultimately dictate the practical timeline for the long-awaited single currency.
