ECOWAS Moves To Achieve Single Currency

… Adopts Resolution On Macro-Economic Convergence, Stability Pact

In a bid to achieve a single currency for the West African sub-region, the Economic Community of West African States (ECOWAS) Parliament, has adopted the draft resolution on the macro-economic convergence and stability pact.

The resolution which was adopted during the ECOWAS Parliament’s First Ordinary Session in Abuja is aimed at achieving the criteria for ECOWAS member states’ adoption of the single currency.

The resolution which was sequel to deliberation at the plenary on the submissions by its Joint Committee on Macro-Economic Policy and Economic Research and Committee on Administration, Finance and Budget, saw the ECOWAS Parliament’s adoption of the resolution for a Draft Supplementary Act on the pact.

The resolution which would be transmitted to the ECOWAS Commission, among others, will ensure macroeconomic policy coordination with a view to ensure a viable economic and monetary union, as well as reinforce macroeconomic stability.

It will further seeks to strengthen the convergence of member states’ economies, including monetary and financial cooperation and will define the procedures for the adoption, of as well as the modalities for the implementation of national convergence programmes.

Presenting the report on the floor of the parliamemt, the Chairman of the Joint Committee, Hon. Kebba Barrow, highlighted that the pact shall be implemented in two phases.

Barrow disclosed that the first phase which shall focus on convergence, is to run from January 2022 to December 2026, while the second phase will centre on stability and shall run from January 1, 2027.

Other resolutions adopted by the ECOWAS Parliament were the consideration on the political situation in Mali, discussions on the post-election situation in Benin, Burkina Faso, Cote D’ Ivoire, Ghana, Guinea and Niger, Trade, Customs and Free Movement, as well as rules for the management and award of ECOWAS mark of conformity to ECOWAS standards, amongst others.

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