The Economic Community of West African States (ECOWAS) has adopted a new road map to launch its single currency in 2027.
Dr Jean-Claude Kassi Brou, President of the ECOWAS Commission, told a press conference that the new road map was agreed by the heads of state of ECOWAS at the 59th ordinary summit in Accra on Saturday (19 June)
“Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021,” Dr Brou said.
“We have a new road map and a new convergence pact that will cover the period between 2022 and 2026, and 2027 being the launch of the Eco,” he said.
Dr Brou said the heads of state had asked the ministerial committee to look at the new roadmap and the convergence pact, taking into account the lessons from the COVID-19 pandemic.
Criteria for adoption
The West African leaders endorsed the currency at their 55th Ordinary Session and approved a road map towards the currency’s issuance in January 2020.
There was a roadmap to ensure that all member countries meet three primary criteria for the adoption of the currency.
That includes member countries having a budget deficit of not more than 3%; average annual inflation of less than 10% with a long-term goal of not more than 5% by 2019.
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