ECOWAS To Meet Again On Single Currency

ECOWAS Headquarters, Abuja
ECOWAS Headquarters, Abuja

The ECOWAS Convergence Council will hold an ordinary session on Friday in Abuja to determine the progress made so far in implementing the roadmap of the Community’s Single Currency Programme and adopt the macroeconomic convergence of member States.

A statement from the commission’s headquarters in Abuja on Thursday indicates that the Council is made up of Ministers of Finance and Governors of Central Banks of the 15 member states’.

It also comprises of the representatives of the ECOWAS Commission, UEMOA Commissions, West African Monetary Institute, the Monetary Agency of West Africa and the ECOWAS Bank of Investment and Development.

The statement added that the council will also analyze the report of the 48th session of the West African Monetary Agency, AMAO, Committee of Governors.

The meeting will be preceded by an ordinary session of the Technical Committee on Macroeconomic Policies today at the ECOWAS headquarters; and the issues to be addressed include validation of the ECOWAS Macroeconomic Convergence Report 2015 and the status of implementation of the roadmap for the ECOWAS Single Currency Program.

After a similar Meeting which held in Lagos, Nigeria, in December 2015, Kalilou Traore, ECOWAS Commissioner for Industry and Private Sector Promotion, told newsmen that the commission is committed to implementing the single currency in West Africa by 2020.

Traore said that the commission was fast-tracking processes toward ensuring the implementation of the single currency within the period.

He added, however, that there were several political and technical implications to be considered during the formulation process that would guarantee the achievement of the policy.






     

     

    “More states have to comply with some macroeconomic criteria like inflation, budget deficit, currency stability; without this, if we set up a common currency, it will fail,” Traore said.

    With the introduction of the common currency, ECOWAS hope to support the regional economy to be more integrated and have a strong exchange among member states.

    According to him, frameworks for formulating regional automotive, pharmaceutical and agriculture industry programmes are part of processes toward achieving success of the common currency.

    Central Bank governors of ECOWAS member states meet every year to analyse and review the level of progress of the currency process ahead of the implementation time which was shifted from January 1, 2015, to January 1, 2020.

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