ECOWAS intensifies efforts on regional single currency

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The Economic Community of West African States (ECOWAS) has ramped up preparations for the implementation of the ECO, the region’s single currency, following agreements reached during the 65th Ordinary Session.

This development was outlined in a communiqué issued at the conclusion of the 66th Ordinary Session of the Authority of Heads of State and Government, held in Abuja on Sunday.

Initially planned for launch in 2020, the introduction of the ECO was delayed due to the COVID-19 pandemic. The new target date for its rollout is now set for 2027.

The Authority approved the criteria recommended by the High-Level Committee for selecting candidate member states to launch the ECO or join at a later stage. It also directed the ECOWAS Commission, in collaboration with the West African Monetary Agency (WAMA), to ensure these criteria are integrated into the protocol establishing the ECOWAS Monetary Union Agreement.

Additionally, the Authority endorsed the High-Level Committee’s proposals on the costs, funding sources, and methods for financing the necessary reforms and institutions required for the currency’s launch.

Member states and central banks were urged to take immediate steps to contribute financially to operationalizing these institutions once the effective launch date for the ECO is finalized.

The Heads of State further called on the High-Level Committee and the ECOWAS Commission to intensify efforts to meet the deadlines for establishing and operationalizing the institutions critical to the ECO’s successful implementation.

The body said it welcomed the results achieved in the implementation of the ECOWAS Agricultural Policy (ECOWAP) within the framework of food security and nutrition.