ECOWAS Gives Update On Launching Single Currency
The West African regional body, the Economic Community of West African States (ECOWAS) has postponed the launch of its planned single currency “ECO.”
According to a source, the ECOWAS has set a new date for the launch to be announced.
This online news medium understands that the postponement was contained in a communique issued at the end of the 57th Summit of the Heads of State and Government of ECOWAS.
The body noted that the postponement was done in order to consolidate the achievements.
Consequently, a new roadmap for the single currency programme will be developed.
Besides, Member States are to be exempted from compliance with the convergence criteria in 2020; while also developing a new macroeconomic convergence and stability pact among the ECOWAS Member States.
The body, however, agreed to maintain the gradual approach for the launching of ECO.