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ECOWAS to Restore Engagement to the Single Currency
Posted On 12 Dec 2019
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By Abdul Rahman Suagibu –
ECOWAS Building
Photo Credit: Africainvestor
NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- NIGERIA, Presidents of Economic Community of West African States (ECOWAS) are to meet on Saturday 21st December, 2019 in Abuja to bethink suggestions on the single currency administration for the sub-region of both English and French West Africa.
Minister of Finance, Budget and National Planning of Nigeria – Zainab Ahmed, pronounced 7th December, 2019 in Nigeria – Abuja at the end of the meeting of Ministerial Committee of Ministers of Finances and Governors of Central Banks of ECOWAS on the single currency. Mrs. Ahmed, who is doubling as the chairperson of the committee intimated the press that, the reports and recommendations from the meeting, would be put forward for approval to presidents of member states think about very seriously.
“We have ended the meeting; the report is ready for submission to our presidents who will be meeting in Abuja here on December 21.
“In their meeting, the presidents will consider (the) recommendations of this meeting and the decision they will be taken will be reported to our countries,” she stated.
It is crystal clear that, the Finance Minister had revealed that only the Republic of Togo out of other ECOWAS countries that have met the maiden requirements to meet the single currency deadline next month.
She furthered that; it would be an up hill task to strike out a compromise of the 2020 take-off deadline for the single currency regulation.
The Minister over emphasized the federal government’s dedication to the establishment of ECOWAS Central Bank.
ECOWAS leaders accepted on a single currency for the sub-region thirty years back, to improve cross-border trade and economic development. And officially agreed to name the common currency “Eco”. The member states of ECOWAS are Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent
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