Abstract
The article deals with the results of statistical analysis of inflation and possible conditions for the introduction of a single currency in the economic community of West African states (ECOWAS). The ECOWAS countries have failed to create a monetary union for reasons of failure to meet the criteria of economic convergence. This project has been under discussion for half a century. The article, using methods of statistical analysis, assesses the conditions for the creation of a single currency and identifies the factors affecting inflation in ECOWAS. The analysis shows that the creation of a single currency in ECOWAS could reduce the overall price level, as evidenced by the processes in the countries of the Economic and Monetary Union of West African States (UEMOA) after the creation of the FCFA currency. The study identifies the determinants of inflation in ECOWAS and assesses the main convergence criteria for the creation of a single currency. However, it was found that the conditions for the implementation of a single currency area are not realized.
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