Meeting Sunday, December 12 in Abuja (Nigeria), the Conference of Heads of State of the Economic Community of West African States (ECOWAS) discussed several subjects including that of the creation of a single currency called ” Eco ”. And has formulated a (umpteenth) call for the implementation of measures in this direction.
“The Heads of State and Government take note of the state of macroeconomic convergence recorded within ECOWAS during the first half of 2021. They urge Member States to take the appropriate measures in order to comply with the provisions of the Pact of macroeconomic convergence and stability between ECOWAS member states from 2022 ”, we read in the press release sanctioning the meeting.
Thus, the organization asks its member states to implement “policies and measures promoting compliance with the macroeconomic convergence criteria”, to prepare and transmit “multi-year macroeconomic convergence programs to the ECOWAS commission”.
In addition, said the press release, the conference took note of the financial report relating to the Special Fund for the activities of the revised roadmap of the single currency and instructed the chairman of the committee to “strengthen collaboration with the central banks of the Community, in order to ensure adequate funding for the diligent implementation of the activities of the roadmap, with a view to the launch of the Eco in 2027 ”.
For several decades, the ECOWAS states have cherished the dream of a single currency. Formerly expected in 2020, the Eco is still expected, among other things, by the lack of enthusiasm observed on the part of Nigeria, the largest market in the sub-region which represents about 70% of its GDP, and the position WAEMU states which tend towards a denomination of their “CFA franc” in “Eco”.