These failures Mr Amissah-Arthur attributed to the pace of the implementation of the ECOWAS Monetary Co-operation Programme (EMCP), particularly the establishment of the single monetary zone, which he observed failed to match expectations.

He also alluded to a major obstacle in the area of poor policy co-ordination and the harmonisation between the Anglophone and the Francophone West African countries which belonged to the West African Economic and Monetary Union (UEMOA).