Abuja- A meeting of regional Economic Community of West Africa States (ECOWAS) experts has ended with the unanimous decision to adopt a single currency for the region.
A creation of the currency, Eco, is set to be adopted in 2015.
The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone constitute the six countries of the zone that agreed to create the second currency to be used during a transition period along with the Franc prior to the creation of a single currency by 2020.
The experts, drawn mostly from the ECOWAS Commission, Central Banks of West African States (BCEAO), West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), West African Bankers Association (WABA), the ECOWAS Bank for Investment and Development (EBID) and the West African Economic and Monetary Union, UEMOA Commission, also revisited the reporting procedure of the roadmap, the frequency of their meetings and the financing of the various activities.
Experts discussed such issues as harmonization of policies in domestic taxes and the provision of regulatory framework in various areas, multilateral surveillance, the completion of the payment system infrastructure, removal of non-tariff barriers, stabilization of exchange rates, liberalization of capital accounts and the integration of financial markets.
It is expected that the proposed timelines on some of the activities will be presented to the next meeting of the ECOWAS Convergence Council through the Macroeconomic Policy Technical Committee for consideration and adoption.
- CAJ News