From the information gathered at the ECOWAS headquarters in Abuja. Every details for the launch of the unified currency for the region by the sub-regional body’s Macroeconomic Policy and Economic Research Department is being strengthened.
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Under the current arrangement, all monetary authorities in West Africa are to be unified by an economic convergence plan with a single currency slated to launch 2020. A topofficial, who wishes to remain anonymous, said:” Since the establishment of the Presidential Task Force, comprising four Heads of State, namely presidents of Niger (chair); Ghana, Cote D’ Ivoire and Nigeria, significant (improvements) have been made.
The progress made so far includes;
Adoption of a new roadmap and establishment of a special fund to finance the roadmap
The validation of the terms of reference for the ECOWAS single currency’s name and logo –
And launch of the competition.
“Also, significant progress has also been made on the model and the name of the central bank as well as a common monetary policy framework and exchange rate regime.” he said.
The Macroeconomic Policy and Economic Research Department Commissioner, Dr. Kofi Apraku, during a meeting last December raised concern over the inability of some member-states to meet the budget obligations as was planned by the organization. He said;
“Achieving the budget deficit criterion on a sustainable basis has continued to pose a significant challenge for many member-states due to low revenue mobilisation and high expenditure outlays. Furthermore, agencies need to accelerate the implementation of policy harmonisation measures and institutional arrangements outlined in the roadmap.”
Slated for 2020. The Unified Currency for West Africa will help the West Africa economy to burst up and be stable enough to control economic chaos.