ECOWAS Confident of Common Currency by 2020

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The Economic Community of West African States (ECOWAS) has said it is working very hard to make sure the introduction of a common currency is attain by 2020.

The regional economic bloc has on countless occasions held-back to commencement dates for the implementation of the single currency but Commissioner for Macroeconomic Policy and Economic Research at the ECOWAS Secretariat, Dr Kofi Konadu Apraku assured a high-level Technical Working Group on the ECOWAS Single Currency meeting in Accra that everything is being done to avoid another postponement.

The meeting is being attended by representatives of eight central banks from the sub-region, officials of finance ministries, West Africa Monetary Initiative, Economic Commission for Africa and ECOWAS Commission officials.

The two-day meeting is to validate and review the final Study Report of the United Nations Economic Commission for Africa on the ECOWAS Single Currency programme.

The experts will also asses and evaluate progress made by ECOWAS member countries in meeting the convergence criteria for the single currency.

Although Dr. Apraku admitted that the project had been on the drawing board for almost three decades, he said there is renewed interest and enhanced political by the current ECOWAS leadership to ensure the new 2020 deadline is met.

“This profound interest has led to the establishment of the Presidential Task Force to oversee the accelerated implementation of the monetary integration programme and to ensure the realisation of the single currency by 2020,” he added.


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