* …Togo only complaint nation
Minister of Finance, Budget and National Planning, Mrs Zainab
Ahmed on Friday skepticism over the possibility of the single
currency regime of the Economic Community of West African States
(ECOWAS) taking off next year.
This is because only the Republic of Togo out of other ECOWAS
nations has met the set criteria for achieving the target.
Speaking at the ECOWAS ministerial committee of ministers of
finance on the ECOWAS single currency regime in Abuja, Ahmed said
with only one country meeting the criteria means it would be a very
tall order to beat the 2020 takeoff deadline for the single
currency regime.
According to the Minister, there was need for member states to
pursue appropriate policies and structural reforms that would
enable them meet the convergence criteria within the shortest
possible time.
She, however, maintained the existing vulnerabilities in the
global economy have not robbed the ECOWAS sub-region the growth it
has recorded in recent times.
She listed Nigeria as one of the African nations recording
appreciable economic growth, pointing out that the Federal
Government was aggressively implementing various reforms to enable
the country to achieve its targets for the monetary union.
On border closure, Ahmed insisted that Nigeria shut her land
borders against neighbouring countries because of their flagrant
abuse of trade treaties.
She said while Nigeria attached great importance to trade
liberalization, countries must be able to respect global trade
commitments.
In his address of welcome, the President of the ECOWAS
Commission, Jean-Claude Kasi said that member countries have made
significant progress in several areas to achieve the monetary
convergence.
However, he said despite the progress made, there is still much
work to be done.
He described the meeting of the ministers of finance and
governors of Central Banks as critical considering that the region
have just few months to the proposed 2020 commencement date.
He said expectations were very high regarding the introduction
of the single currency, adding that the meeting would review the
macroeconomic convergence report, state of preparedness of the
monetary union, the symbol of the single currency, the proposed
name of the Central Bank of ECOWAS and the term of reference for
the bank.
He said the challenge created by vulnerabilities shock and the
security problems in the region are some of the threats to the
implementation of the single currency roadmap.
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