ECOWAS: COMMON CURRENCY ATTAINABLE BY 2020

ECOWAS set 2020 as deadline for implementing common currency.

The Economic Community of West African States (ECOWAS) says it is working assiduously to introduce a common currency by 2020.

Dr Kofi Konadu Apraku, Commissioner for Macroeconomic Policy and Economic Research at the ECOWAS Secretariat, said a high-level Technical Group is working on implementing the single currency.

This announcement came at a meeting attended by representatives of eight central banks from the sub-region, officials of finance ministries, West Africa Monetary Initiative, Economic Commission for Africa and also ECOWAS Commission officials.

The aim of the meeting is to validate and review the final Study Report on the ECOWAS Single Currency programme. Presenting the report was the United Nations Economic Commission for Africa.

Also the experts will examine the progress made by member countries in meeting the criteria for the single currency.

A president task force have been set-up to ensure accelerated implementation of the monetary integration programme. The task force is also to oversee that the new 2020 deadline for the single currency implementation is realizable.