https://en.sputniknews.africa/20241218/ecowas-approves-criteria-for-single-currency-launch-in-2027-urges-member-states-to-speed-up-work-1069776688.html
ECOWAS Approves Criteria for Single Currency Launch in 2027, Urges Member States to Speed Up Work
ECOWAS Approves Criteria for Single Currency Launch in 2027, Urges Member States to Speed Up Work
Sputnik Africa
The 15-member West African bloc had originally planned to introduce the eco-currency in 2020, but later postponed the launch due to the impact of the COVID-19... 18.12.2024, Sputnik Africa
2024-12-18T15:16+0100
2024-12-18T15:16+0100
2024-12-19T14:16+0100
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The Economic Community of West African States (ECOWAS) approved criteria for a single currency launch in 2027 and urged member states to speed up work on the initiative, the Authority of Heads of State and Government of the ECOWAS said in a statement released after the 66th ECOWAS Ordinary Session held in Abuja.The ECOWAS also adopted the criteria for the selection of candidate member states for the launch of the eco, and in collaboration with the West African Monetary Agency (WAMA), instructed the HLCPA to ensure that these criteria are included in the protocol for establishing the ECOWAS Monetary Union Agreement. The authority also supported the proposals of the HLCPA on the costs, sources and modalities of financing the implementation of the reforms and institutions necessary for the introduction of the currency.
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economic community of west african states (ecowas), currency, local currency, economy, west africa, abuja
economic community of west african states (ecowas), currency, local currency, economy, west africa, abuja
ECOWAS Approves Criteria for Single Currency Launch in 2027, Urges Member States to Speed Up Work
15:16 18.12.2024 (Updated: 14:16 19.12.2024) Elizaveta Roschina
Writer/Editor
The 15-member West African bloc had originally planned to introduce the eco-currency in 2020, but later postponed the launch due to the impact of the COVID-19 pandemic, reports said.
The Economic Community of West African States (ECOWAS) approved criteria for
a single currency launch in 2027 and urged member states to speed up work on the initiative, the Authority of Heads of State and Government of the ECOWAS said in a statement released after the 66th ECOWAS Ordinary Session held in Abuja.
"The authority commends the High-Level Committee on Practical Arrangements [HLCPA] for the launch of the eco for the work accomplished, and the significant consensus reached in the implementation of the directives issued at its 65th Ordinary Session," read the statement.
The ECOWAS also adopted the criteria for the selection of candidate member states for the launch of the eco, and in collaboration with the West African Monetary Agency (WAMA), instructed the HLCPA to ensure that these criteria are included in the protocol for establishing the ECOWAS Monetary Union Agreement.
"It [ECOWAS] urges central banks and member states to take the necessary measures for the payment of their financial contributions for the operationalization of these institutions as soon as the decision on the effective date for the launch of the ECOWAS single currency is taken," the statement added.
The authority also supported the proposals of the HLCPA on the costs, sources and modalities of financing the implementation of the reforms and institutions necessary for the introduction of the currency.
"The heads of state urge the HLCPA, in collaboration with the ECOWAS Commission, to intensify its efforts to ensure that the deadlines set for the establishment and operationalization of the institutions needed to launch the eco are met," the statement concluded.
