The launch of the single currency for the 15 members of the Economic Community of West African States (ECOWAS) is scheduled for 2020, according to a report by the organization outlining the overall strategy for the adoption of this currency.
The single currency of ECOWAS, which was approved and adopted at the 24th meeting of the Convergence Council of Ministers and Governors of the West African Monetary Zone (WAMZ) and the ECOWAS Monetary Union, provides for the implementation Of the program in 2020, with the establishment of a central bank of the organization before the circulation of that currency.
The countries of the West African Monetary Zone (WAMZ), The Gambia, Ghana, Guinea, Nigeria and Sierra Leone initiated a plan for the adoption of the single currency in 2000, following the Accra and the Bamako Agreement.
These five Member States, which had a population of 190 million and a GDP of US $ 375 billion in 2008, twice postponed the date of circulation of the single currency in the WAMZ, while the launch Within the WAMZ should complement that of the West African Economic and Monetary Union (WAEMU), which includes the eight West African States that share the CFA franc.
ECOWAS was established by the Lagos Treaty in May 1975 by fifteen countries in West Africa: Benin, Burkina Faso, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Togo . Cape Verde joined the Community in 1976, while Mauritania left the organization in 2000. Two ECOWAS member countries, notably Liberia and Cape Verde, are currently not members of either Other monetary union.
Thus, the Convergence Council invited them to “join at least one of the West African monetary zones and the ECOWAS Monetary Cooperation Program for the realization of the single currency initiative”. Members asked the ECOWAS Commission “to continue its collaboration with other regional institutions and Member States involved in the Monetary Cooperation Program to ensure the effective and timely implementation of the roadmap for The Single Currency Program “with a view to” appropriating “the project of the single currency, according to a source close to the file.
The Council of Convergence also called on Member States to “maintain appropriate fiscal and monetary policies and rigorous implementation of structural and institutional policies within the framework of the Multilateral Monitoring Mechanism in order to achieve convergence and unity Monetary policy ”
Source: Africa Stop Over