The Economic Community of West African States (ECOWAS), a regional political and economic union of 15 countries in West Africa, on Thursday reiterated its commitment to launching the proposed common currency Eco for the subregion by 2027.
Omar Alieu Touray, the president of the ECOWAS commission, made this pledge in his message read for him during the joint opening of the 45th Meeting of the Board of Governors of the West African Institute of Financial and Economic Management (WAIFEM) and the 62nd Meeting of the Committee of Governors of the West African Monetary Agency (WAMA) and the West African Monetary Institute (WAMI) in the Ghanaian capital of Accra.
Touray said ECOWAS believes that the monetary integration would be a critical precursor and launch pad for the sustainable development of the subregion.
He assured the commission would do everything possible to ensure that the processes and programs outlined in the roadmap toward the launch of the common currency remained on course and schedule.
“The ECOWAS commission will continue to work assiduously with all stakeholders in the integration process to ensure that the Eco takes off within the time stipulated,” said the official.
In that regard, the ECOWAS official tasked the three institutions to expedite action on the setting up of the West African Central Bank and other relevant bodies needed for the successful monetary integration of the subregion.
In June 2021, the leaders of ECOWAS extended the deadline for the subregional common currency to 2027, requiring all member states to comply with the convergence criteria by 2026.
The 15 members of ECOWAS are Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.