Ecowas To Introduce Single Currency For Its Member States By 2020

Posted by: lukwago J in Business December 11, 2015

The Economic Community of West African States ( ECOWAS ) is a regional organization comprising of 15 west African countries which was established by the treaty of Lagos in 1975 purposely to promote economic integration among its members.

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Ecowas member states include:

Nigeria, Benin, Senegal, Burkina Faso, Ghana, Cape Verde, Côte d’Ivoire, Gambia, Togo, Guinea, Guinea-Bissau, Mali, Niger, Sierra Leone, and Liberia.

Mr Traore Kalilou, the current Commissioner for Industry and Private Sector Promotion said the organisation has comfirmed that it will be introducing a single currency in its West African member states by the year 2020.

All central bank governors of Ecowas member states meet up every year in order to examine and assess the position of progress of the currency process ahead of agreement time.

For the currency to be successful, member states must act in accordance with some macroeconomic standard such as currency stability, inflation and budget deficit, according to Traore.

After implementing Ecowas single currency, the organization hopes to support and integrate the regional economy to have a powerful exchange among member states by boosting various industry programmes such as pharmaceuticals, Automotive and Agriculture.

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