- In 1987, ECOWAS formed the ECOWAS Monetary Cooperation Programme (EMCP) with the goal of initiating a single monetary zone which would be associated with a single currency by the year 2000. This single currency would be administered by a universal Central Bank and sustained by an exchangeable guarantee arrangement policy. The main advantages of such a single monetary union includes; enhancing and facilitating the sub-regional payment system under the West African Clearing House (WACH), capital, labour and resource mobility within the ECOWAS zone, increasing economies of scale in monetary management and reducing transaction cost, as well as promoting West African intra-regional trade…