Heads of State of the Economic Community of West African States (ECOWAS) has adopted new motion to launch the proposed new single currency-ECO- in 2027.
This agreement according to President of the ECOWAS Commission Dr. Jean-Claude Kassi Brou, was reached at the 59th Ordinary Session of the ECOWAS held in Accra.
He identified the COVID-19 pandemic as the major reason why the Heads of state have resolved to suspend the implementation of the new single currency policy until 2027.
“Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021,” Dr. Brou said.
ECO as it would be known, is the proposed name for the common currency that the West African Monetary Zone (WAMZ) plans to introduce in the framework of the Economic Community of West African States (ECOWAS). The objective is to create a common currency for all West African states.
This will also enable the French Speaking West African regions to abandon the CFA franc for the ECO, as part of a process to gain complete fiscal and monetary independence from France. The concept of the single currency was first raised in ECOWAS session in 2003 but introduction has delayed multiple times.
However, date for the implementation of the convergence pact leading to the launch of the ECO has now been set for 2027. Briefing the media after the 59th Ordinary Session President of the ECOWAS Commission Dr. Jean-Claude Kassi Brou explained “We have a new road map and a new convergence pact that will cover the period between 2022 and 2026, and 2027 being the launch of the Eco”.
Dr. Brou said added that the Heads of State have requested of the ministerial committee of ECOWAS to take a look at the new roadmap and the convergence pact, considering the lessons the coronavirus pandemic has brought on the sub-region.
