The Economic Community of West African States (ECOWAS), a regional political and economic union of 15 countries in West Africa, on Thursday said the 2027 launch date for the common currency for the subregion was within reach despite the macroeconomic challenges in various member states.
Omar Alieu Touray, the president of the ECOWAS commission, gave this assurance 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.
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
Touray said ECOWAS believes that the monetary integration would be a critical 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.
The Eco was first intended to be launched in 2003, but was postponed to 2005, then again to 2010, 2014 and 2015, and then finally to 2023.
However, at a meeting in Accra, the Ghanaian capital in June 2021, the leaders of ECOWAS extended the deadline for the subregional common currency to 2027 due to the disruptive COVID-19 pandemic. The new date also came with the requirement for all member states to comply with the convergence criteria by 2026.