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.
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
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)