ECOWAS leaders set to meet on single currency

Presidents of Economic Community of West African States (ECOWAS) are to meet on December 21 in Abuja to consider recommendations on the proposed single currency regime for the sub-regiom

Nigeria Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed disclosed this on Saturday in Abuja at the end of the meeting of Ministerial Committee of Ministers of Finances and Governors of Cenral Banks of ECOWAS on single currency

Ahmed who is the Chairperson of the committee told newsmen that the report and recommendations from the two-day meeting would be submitted to presidents of member states for consideration.

“We have ended the meeting, the report is ready for submission to our presidents who will be meeting in Abuja here on December 21.

“In their meeting, the presidents will consider recommendations of this meeting and the decision they will be taken will be reported to our countries,” she said.

The finance minister had hinted that only Republic of Togo out of other ECOWAS countries met the primary requirements or criteria for achieving the target.

According to her, with only one country meeting the criteria, it would be a tall order to beat the 2020 takeoff deadline for the single currency regime.

Ahmed, however reiterated the Federal Government’s commitment to the establishment of ECOWAS Central Bank.

ECOWAS leaders agreed on a single currency for the sub-region 30 years back, to boost cross-border trade and economic development.

They had formally agreed to name the common currency “Eco”.

The member states of ECOWAS are Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.