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Member states of ECOWAS fixes 2027 for Eco currency implementation

Member states of the Economic Committee of West African states, (ECOWAS) have fixed 2027 for full implementation of a single currency, Eco.

Members countries have been urged to work towards meeting the 11 convergence criteria including an end of year single inflation and fiscal deficit of not more than 4 per cent of GDP for qualification. So far only 6 out of the 16 member states have rectified the agreement.

Addressing a news conference to climax the ordinary summit of ECOWAS at the Kempisky hotel, president of the commission Jean Claude Kassi Brou said the revise date of the eco is as a result of the coronavirus pandemic on the economy of member states.

“We also have in terms of the single currency a new road map and a new convergence part that covered the period 22, 26 and 27th period being the launching of the Eco. So that’s also being a very big decision because we recall due to the Covid, the head of state decided to suspend the implementation convention of part in 2020 and 2021 and they also decided that the ministerial committee should look at the new road map, .. the new convergence spark adopted by the heads of the state and government,” he said.

He also disclosed commitment of member states to explore all avenues to procure the Covid-19 vaccine for the general population.

“Despite that vaccines availability is still a challenge, so the recent decision of the G7 on June 13 in Great Britain where they promised and decided to give 1 billion dose of vaccines to developing countries is something that we strongly hope and it’s something that will help in the supplying of vaccine in our region,” he said.

Other issues adopted includes institutional reform, security on the continent.

myjoyonline.com

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