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Is Liberia Ready for Monetary Union? Exploring the Convergence Criteria for Eco Adoption

In this paper, we show and discuss why the Liberian economy is not yet ready to join the Eco currency union. We critically explore the convergence criteria on a narrow scale. Despite the Liberian debt stock representing about 32% of gross domestic product (GDP), in comparison to the 70% criterion set by ECOWAS, there are other economic indicators or criteria such as inflation, exchange rate, budget deficit among others that hold back Liberia’s accession to the Eco. To understand how difficult it is to find a clear-cut effect of the single currency, the Liberian government through its policymakers needs to fully understand the risk factors that will hinder the growth and prospects of the economy as a result of not catching-up with other member states in implementing the single currency. This paper concludes that Liberia is highly unlikely to meet these criteria in the near future.