The Economic Community of West African States (ECOWAS) Commission has resumed convergence to launch of its single currency “ECO” in 2027.
The President, ECOWAS Commission, Jean-Claude Kassi Brou, disclosed this while delivering reports at the ongoing 2022 First Ordinary Session of the Parliament in Abuja.
He said the process of launching the single currency was stalled due to the outbreak of Corona Virus Pandemic, COVID-19 in 2020, as countries needed to focus on handling the disease.
The President, ECOWAS Commission explained that the convergence criteria has to be thorough so that when the currency is implemented, it will serve the citizens effectively.
“We had to suspend that in 2022, 2021. We are looking at 2022 to 2026 to be able to create conditions that will enable us to stabilise the economies.
“And so, 2027 we go back to the currency. The process of the performance criteria is always prioritised if we want to be in a very favourable condition to introduce a single currency
“Because you can introduce the currency but what is required is that it should be of quality.
“In other words, it should serve the needs of the population and also should inspire confidence and trust in in the population.
“So that is the main objective, to ensure that the convergence criteria is been followed,” he said.
In June 2019, the Authority of ECOWAS Heads of States and Government committed to having a single currency and adopted the name “ECO” during its Extraordinary Session in Abuja.
The currency was expected to be launched in 2020 but that was not to be as a result of the outbreak of COVID-19.
