Economic Community of West African States (ECOWAS) Parliament approves consensus of accomplishing a Solitary Currency for the Sub-Region as it approved the draft on the Macroeconomic Convergence and Stability
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The ECOWAS Parliament on June 10th, 2021 propelled a notch closer toward fulfilling a single currency for the sub-region as it adopted the draft resolution on the Macroeconomic Convergence and Stability Pact.
The agreement, which was approved at the culmination of its First Ordinary Session in Abuja, was a significant overture to accomplishing the norms for Member-States’ adoption of the single currency – the ECO.
This following thought at Plenary on the recommendations by its Joint Committee on Macro-Economic Policy and Economic Research and Committee on Administration, Finance and Budget. The resolution, which would be conveyed to the Commission, strived to confirm macroeconomic policy coordination with the objectives of securing a
doable economic and monetary union same, strengthening macroeconomic equilibrium.
In the manifestation, the Joint Committee, chaired by Kebba Barrow, brought out that the agreement shall be carried out in two stages.
He explained that the resolution also pursued to bolster the convergence of Member States’ economies, including monetary and financial cooperation. He expanded that, it also shall interpret the protocols for the adoption of as well as the modalities for implementation of national convergence programmes.
Barrow remarked, the first phase which shall concentrate on convergence is to run from January 2022 to December 2026 while the second phase will center on stability run from January 1, 2027.
Thus, additional resolutions adopted by Parliament rimmed on matters such as deliberation on the political situation in Mali, discussions on the post-election situation in Benin, Burkina Faso, Cote D’ Ivoire, Ghana, Guinea and Niger.
They also contained Trade, Customs and Free Movement as well as rules for the management and award of ECOWAS mark of conformity to ECOWAS standards.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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