December 09, 2022

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ECOWAS Leaders To Accelerate Process For Common Currency By 2020

The 4th meeting of the Presidential Taskforce on a common currency for the West African Monetary Zone (WAMZ) has taken place in Niamey, the capital of Niger, with the firm commitment towards the acceleration of the processes leading to the use of the single currency by 2020.

The meeting was attended by the members of the Presidential Taskforce, namely the President of the Republic, Nana Addo Dankwa Akufo-Addo; the President of the Federal Republic of Nigeria, His Excellency Muhammadu Buhari; the President of the Republic of Cote d’Ivoire, His Excellency Alassane Ouattara; and the host, His Excellency Mahamadou Issoufou, President of the Republic of Niger.

Chairperson of the Economic Community of West African States (ECOWAS), His Excellency Faure Essozimna Gnassingbé, President of the Togolese Republic, was also present, and took part in the proceedings.

In a communiqué issued at the end of the 1-day meeting, on Tuesday, 24th October, 2017, the members of the Taskforce took note of the report of the Ministerial Committee meeting held earlier, and acknowledged the quality of the conclusions as well as the relevance of the recommendations made, whose substantive parts relate to the measures for the acceleration of the ECOWAS single currency programme.

The Taskforce appreciated the progress made by all ECOWAS institutions involved in the conduct of ECOWAS Single Currency Roadmap activities, and reaffirmed its commitment to the pursuit and the acceleration of the economic, financial and monetary integration agenda of ECOWAS.

In endorsing the main recommendations of the Ministerial Committee, the Taskforce urged Member States to pursue the structural reforms of their respective economies, to help them deal with fluctuations in the prices of raw materials, and enable their economies to be more resilient to exogenous shocks.

Additionally, the Taskforce urged Member States to take the necessary measures, including the attainment of the convergence criteria, necessary for the creation of the ECOWAS single currency by 2020.

The Communiqué noted that the Taskforce has “instructed the Ministerial committee to meet within three months to propose a new roadmap to accelerate the creation of the single currency by 2020. In this framework, a gradual approach can be undertaken, where a few countries, which are ready, can start the monetary union, whilst the other countries join later.”

The Presidential Task Force will hold their next meeting in Accra, in February 2018.

PeaceFmOnline

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