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 eco, and in collaboration with the West African Monetary Agency (WAMA) instructed the HLCPA to ensure that these criteria are included into 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.