ECOWAS Postpones Plans to Launch Single Currency to 2027
By Adedapo Adesanya
The Economic Community of West African States (ECOWAS) Commission has said that the community has resumed convergence to launch the ECOWAS single currency “ECO” in 2027.
Mr Jean-Claude Brou, the president of the bloc, made this known on Tuesday while delivering reports of the ECOWAS Commission before the ECOWAS Parliament during the ongoing 2022 First Ordinary Session of the Parliament in Abuja.
Mr Brou said that the process of launching the single currency was stalled following the outbreak of the COVID-19 Pandemic in 2020, as countries needed to focus on handling the pandemic.
He explained that the convergence criteria had to be thorough so that the currency, once implemented, 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 the population.
“So that is the main objective, to ensure that the convergence criteria is been followed,” Mr Brou said.
In June 2019, the 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 has faced several pushbacks including the COVID-19 pandemic.