The Economic Community of West African States (ECOWAS) has intensified efforts toward the practical arrangements for launching its single currency, the ECO, following consensus reached at its 65th Ordinary Session. This was disclosed in a communiqué issued at the end of the 66th Ordinary Session of the Authority of Heads of State and Government held in Abuja on Sunday.
The 15-member regional bloc had initially planned to introduce the ECO in 2020 but postponed the launch due to the COVID-19 pandemic. The new target date for the currency’s rollout is 2027.
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The Authority approved criteria proposed by the High-Level Committee for selecting member states eligible to adopt the ECO at launch or join later. It also directed the ECOWAS Commission and the West African Monetary Agency (WAMA) to incorporate these criteria into the protocol establishing the ECOWAS Monetary Union Agreement.
Additionally, the Heads of State endorsed recommendations on the costs, funding sources, and procedures for implementing the required reforms and institutions. They urged the High-Level Committee, in collaboration with the ECOWAS Commission, to accelerate preparations and ensure deadlines for establishing operational institutions are met.
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