Jean-Claude Brou, President of the Economic Community of West African States (ECOWAS) Commission, has said that the community has agreed to launch the ECOWAS single currency “ECO” in 2027.
Brou made this known on Tuesday while delivering reports of the ECOWAS Commission before the ECOWAS Parliament during the ongoing 2022 First Ordinary Session of the Parliament in Abuja.
Brou explained that the process of launching the single currency was stalled following the outbreak of the COVID-19 Pandemic from 2020. Countries had to focus on handling the pandemic. Brou said that the convergence criteria had to be thorough so that the currency once implemented will serve the citizens effectively.
“We had to suspend that in 2022, 2021. We are looking at 2022 to 2026 to be able to create conditions that will enable us to stabilise the economies. And so, 2027 we go back to the currency. The process of the performance criteria is always prioritised if we want to be in a very favourable condition to introduce the single currency. Because you can introduce the currency but what is required is that it should be of quality. In other words, it should serve the needs of the population and also should inspire confidence and trust in in the population. So that is the main objective, to ensure that the convergence criteria is been followed,” Brou said.
Hon. Awaji Abiante, Member of the ECOWAS Parliament and Nigerian lawmaker representing Andoni-Opobi/Nkoro Federal Constituency of Rivers, said that the delay in the launch of the currency is to avoid any form of crisis.
In June 2019, the Authority of ECOWAS Heads of States and Government committed to having a single currency and adopted the name “ECO” during its Extraordinary Session in Abuja. The currency was expected to be launched in 2020.