ECOWAS Parliamentarians Mull Single Currency

  • Thursday May 17, 2018 15:37 PM
  • NILS Press Corps
In order to examine the level of preparedness of each ECOWAS Member State, discuss and determine the baseline macroeconomic requirement and structural convergence for economic and monetary integration that would lead to actualization of a common currency for financial transactions and trade facilitation across the ECOWAS sub-region, a One-Day parliamentary workshop is billed to take place in Abuja on the 23rd of June 2018.

The single currency programme has suffered a couple of setbacks with four successive postponements in 2003, 2005, 2009 and 2015.

Meanwhile, a new strategy has been adopted by the ECOWAS Authority by abandoning the Two-track Approach involving the launching of the West African Monetary Zone (WAMZ) common currency (ECO) in January 2015 and later merging with a single currency in WAEMU and adopting the Single Track Approach for the creation of an ECOWAS –wide single currency by 2020.

The workshop is expected to provide a forum for ECOWAS parliamentarians and other regional and international stakeholders and experts to examine the legal and institutional frameworks needed for a credible monetary union in ECOWAS and to identify legislative actions needed to promote a viable monetary union.

Expected at the workshop include: members and officials of the ECOWAS Parliament, Selected National parliaments in ECOWAS Member States, ECOWAS Commission, West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), UEMOA Commission, Ministries of Finance of the Presidential Task Force member countries – Côte d’Ivoire, Ghana, Niger and Nigeria, selected Central Banks in West Africa – BCEAO, Bank of Ghana, Bank of Sierra Leone, Central Bank of Cape Verde, Central Bank of The Gambia, Central Bank of Guinea, Central Bank of Liberia and Central Bank of Nigeria.
A wide range of topics are scheduled to be discussed at the workshop.

Economic and monetary integration remains a cardinal goal of the Economic Community of West African States (ECOWAS) as enshrined in the 1993 Revised Treaty of ECOWAS.
The workshop is coming during the first Ordinary session of ECOWAS Parliament and under the National Institute for Legislative and Democratic (NILDS) NILS-Cap 2 project, an initiative that is is supported by the African Capacity Building Foundation (ACBF).