The Economic Community of West African States, ECOWAS have adopted “ECO” as the name of the single currency to be issued in January 2020. This was the resolution reached over the weekend by the Authority of Heads of State of ECOWAS
The leaders at their 55th Ordinary Session in Abuja on Saturday adopted the name which has further shown the economic zone’s determination to push ahead with its common currency programme for West African countries.
It would be recalled that the common currency programme has being a major agenda of ECOWAS for several decades. ECOWAS was set up mainly as an economic block to promote free movement of people and boost trade, but this goal has not being achieved principally because of differences between French speaking and English speaking parts of the Economic Community and the excessive influence of former colonial powers, especially France.
The problem has been further compounded by the inability of member countries to meet set targets as a result of the economic problems confronting several West African countries.
The new resolution by ECOWAS heads of government is seen by experts as a renewed drive to achieve the common currency project
In the communiqué read by Mr Mustapha Suleiman, Nigeria’s Permanent Secretary, Ministry of Foreign Affairs, the Authority instructed the ECOWAS Commission to work in collaboration with West African Monetary Agency.
The leaders also instructed the commission to work with West African Monetary Institute and the central banks to accelerate the implementation of the revised roadmap with regard to the single currency.
“It further directs the commission to ensure implementation of the recommendations of the meeting of the ministerial committee held in Abidjan on June 17 and June 18 as well as preparation and implementation of the Communication Strategy for the single currency programme.
“The Authority takes note of the 2018 macroeconomic convergence report. It noted the worsening of the macroeconomic convergence and urges member states to do more to improve on their performance in view of the imminent deadline.”
Furthermore, the ECOWAS Chairman President Issoufou Mahamadou said the revised roadmap still stipulated that the single currency would be issued in Jan. 2020.
“We have not changed that but we will continue with assessment between now and then.
“We are of the view that countries that are ready will launch the single currency and countries that are not yet ready will join the programme as they comply with all six convergence criteria.”
He insisted that there was “a real firm political will” for the region to hastily achieve the single currency.
