ECOWAS must achieve single currency by 2020!



THE Economic Community of West African States (ECOWAS) was established in May 28, 1975 in Lagos, Nigeria

ITS primary objective was to promote cooperation and integration to help create an economic and monetary union for enhancing economic growth and development amongst member states.

BUT the question remains that to what extent has this regional body been able to achieve its main object?

THE answer is not far-fetched as ECOWAS member states are unable to implement agreed protocols that will inure to their benefit.

ONE of such is the ECOWAS Single Currency Programme, which idea was conceived twenty years ago.

THE ECOWAS Single Currency Programme has been saddled with a plethora of challenges.

KEY amongst them has been the seeming unwillingness by especially our Francophone ECOWAS member countries to cede their West Africa CFA currency.

HOWEVER, it is gratifying to hear that ECOWAS have re-affirmed their commitment towards meeting the ECOWAS Single Currency Programme deadline—2020.

THE reaffirmation was stated in a communiqué issued last week at the end of the fifth meeting of the Presidential Task Force on the ECOWAS Single Currency Programme in Accra last week.

ALSO, in the communiqué was the call on member states to meet the convergence criteria for the establishment of a single currency for the region to start the monetary union.

IN the view of Today, this is a programme which implementation will inure enormously to the benefit of member countries.

TO state a few of the advantages of the policy include helping to remove trade and monetary blockades, reduction in transaction costs, improving standards of living and boosting economic activities.

A classical example is the Euro which is a common currency being used by European countries.

AND like Ghana’s President, Nana Addo Dankwa Akufo-Addo, asserted: “It is a goal we must achieve.

WE, therefore, want to add our voice on the many ECOWAS citizens who want to see this single currency programme.

THIS is where we are urging ECOWAS members to ensure that the 2020 deadline for achieving the ECOWAS Single Currency is realised.

MEANWHILEToday is excited at the renewed commitment by the ECOWAS member states.

AND it is our expectation that the programme will not elude us in 2020!





Today Newspaper (Ghana)