The Economic Community of West African States (ECOWAS) reaffirmed its dedication to introducing the proposed common currency, Eco, to the region by the year 2027.
This pledge was made by Omar Alieu Touray, President of the ECOWAS Commission, during the joint opening session of the 45th Meeting of the Board of Governors of the West African Institute of Financial and Economic Management (WAIFEM) and the 62nd Meeting of the Committee of Governors of the West African Monetary Agency (WAMA) and the West African Monetary Institute (WAMI) in the Ghanaian capital of Accra.
Touray emphasized the pivotal role of monetary integration in fostering sustainable development within the subregion. He assured that the ECOWAS Commission would diligently uphold the outlined processes and programs leading to the launch of the common currency.
“The ECOWAS Commission will continue to work closely with all stakeholders in the integration process to ensure that the Eco is introduced as scheduled,” stated Touray.
In pursuit of this goal, the ECOWAS official urged the three institutions involved to expedite the establishment of the West African Central Bank and other relevant bodies essential for the successful monetary integration of the subregion.
It’s worth noting that in June 2021, ECOWAS leaders extended the deadline for the subregional common currency to 2027, with all member states expected to adhere to convergence criteria by 2026.
The 15 member countries of ECOWAS include Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.
Source: Xinhua
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