By Linus Aleke
The Executive Director and Founder, Gambia Participates, Mr. Marr Nyang, has tasked ECOWAS authorities to expedite action on the actualization of its unified single currency for the region.
Mr. Marr said this while, presenting a paper at the just concluded delocalized meeting of the joint committee on Political Affairs, Peace and Security and APRM, Legal Affairs and Human Rights, Social Affairs, Gender and Women Empowerment, which held in Banjul, Gambia.
Stakeholders said the process of launching the single currency, known as “ECO,” was stalled following the outbreak of the COVID-19 Pandemic in 2020, as countries needed to focus on handling the pandemic.
According to Mr. Marr, “there is need to have a single unified currency that ECOWAS has talked about over the years. ECOWAS has been talking about this currency since I was very young, and till today, they have not been able to actualize it.
“The European Union are using the euro and advancing their economic plans, what is wrong with us? Having one unified currency that ECOWAS citizens can use will ease free movement and services. So, without this it will actually affect the economic development of the region. Until today they have not concluded the ECOWAS currency plans. What is wrong with our leaders? I think there are so many things that the ECOWAS member states including the head of states have to do to advance the economy of ECOWAS region”.
The immediate past President of the Economic Community of West African States (ECOWAS) Commission, Dr. Jean-Claude Kassi Brou said, the community has resumed convergence for the launch of the ECOWAS single currency “ECO,” in 2027.
Kassi Brou made this known gave this insight while delivering reports of the ECOWAS Commission before the ECOWAS Parliament, at the 2022 First Ordinary Session of ECOWAS Parliament in Abuja.
He explained that the convergence criteria had to be thorough so that the currency once implemented will serve the citizens effectively.
SERAP gives Buhari govt 24 hours to withdraw threat to shut down 53 TV, radio stations
“We had to suspend that in 2020, 2021. We are looking at 2022 to 2026 to be able to create conditions that will enable us to stabilise the economies. So, in 2027, we will 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. That is the main objective, to ensure that the convergence criteria is followed”.
