The Kairaba Beach Hotel was the venue for a very important discussion that has the potential to change the lives of millions of people; the possible institution of sub-regional monetary integration.

The idea of introducing a single currency is not limited to countries in West Africa alone; it forms a key component in the transformation plans of even the African Union itself, which recognizes that "macro-economic convergence remains a prerequisite to the introduction of a common currency as well as the creation of the African Central Bank."

A successful implementation of a single currency will certainly aid in harmonization of economic policies, boosting the prospect for economic integration, which would serve as a stepping stone for true cultural, social and, subsequently, political integration. All these featured prominently in the plans of the forefathers of pre-independence Africa.  

The West African Monetary Zone (WAMZ), an institution comprising five member countries, aims at nothing less than the above goals and, in addition, as in the words of the regional resident representative for the African Development Bank, "it will help enable its beneficiaries to achieve important regional and national objectives by improving the efficiency of financial intermediation, the management of systemic risks in the financial systems and liquidity management, monetary policy implementation and the general deepening of the financial sectors." Furthermore, the institution of a single currency means regular sharing of information which would help curtail fraud within the member countries. This is in addition to the enormous economic benefits that await the ordinary citizens of these countries.