The Authority of ECOWAS Heads of State and Government on
Saturday adopted ECO as the name of the single currency to be
issued in January 2020.
The leaders at their 55th Ordinary Session in Abuja endorsed the
name while congratulating the Ministerial Committee on the Single
Currency for the considerable progress recorded in the
implementation of the revised roadmap.
In the communiqué read by Mr Mustapha Suleiman, Nigeria’s
Permanent Secretary, Ministry of Foreign Affairs, the Authority
instructed the ECOWAS Commission to work in collaboration with West
African Monetary Agency.
The leaders also instructed the commission to work with West
African Monetary Institute and the central banks to accelerate the
implementation of the revised roadmap with regard to the symbol of
the single currency.
The Authority also directed the commission and the central banks
to accelerate the operation of the Special Fund for the financing
of programmes in the revised Roadmap for the ECOWAS Single Currency
Programme.
“It further directs the commission to ensure implementation of
the recommendations of the meeting of the ministerial committee
held in Abidjan on June 17 and June 18 as well as preparation and
implementation of the Communication Strategy for the single
currency programme.
“The Authority takes note of the 2018 macroeconomic convergence
report. It noted the worsening of the macroeconomic convergence and
urges member states to do more to improve on their performance in
view of the imminent deadline.”
Furthermore, the ECOWAS Chairman President Issoufou Mahamadou
said the revised roadmap still stipulated that the single currency
would be issued in Jan. 2020.
“We have not changed that but we will continue with assessment
between now and then.
“We are of the view that countries that are ready will launch
the single currency and countries that are not yet ready will join
the programme as they comply with all six convergence
criteria.”
He also said that there was “a real firm political will” for the
region to hastily achieve the single currency.
(NAN)
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