Friday, March 31

Launch of ECOWAS single currency rescheduled to 2027

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Speaking during the 42nd joint ordinary meeting of the Economic and Monetary Affairs Committee, he explained that the launch is shifted with the firm conviction that the necessary building blocks would have been in place for a more sustainable and credible monetary union in the region.

“Progress in the implementation of the ECOWAS single currency roadmap continues to gain traction. In the last few months alone, the capital and reserves of the prospective central bank of West Africa, as well as the distribution keys, have been largely agreed upon, while significant work on the ECOWAS solidarity and stabilisation fund has also been completed.”

He stated that while these are laudable achievements, significant work on the roadmap activities remains to be done, saying the tasks include but not limited to the issuing of voting right, status and hosting of the CBWA.

Director Wadda continued that the collective resolve and compromise among stakeholders are key for the realisation of the desired monetary union in the sub-region that would stand the test of time.