Home » Business » Ecowas To Introduce Single Currency For Its Member States By 2020

Ecowas To Introduce Single Currency For Its Member States By 2020

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.

Check also: Ethiopia and china implement visa free agreement

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.

Check also;

This is not a Paywall, but Newslex Point's journalism consumes a lot of time, hard-work and money. That's why we're kindly requesting our readers to support us in anyway they can, for as little as $1 or more, you can support us .

Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.

Donate Button with Credit Cards

Comments

comments

Loading...

About lukwago J

Posted by LUKWAGO. J: He's a writer, editor, blogger, affiliate and a web developer, he loves thinking creatively and finding new ways to implement different programming ideas.

One comment

Leave a Reply

Your email address will not be published. Required fields are marked *

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Loading...
x

Check Also

US economy

5 Signs The United States Economy Is Pretty Good

While other political matters are involved in controversy, trade, immigration as well as foreign policy ...

Show Buttons
Hide Buttons
Translate »