ECOWAS adopts resolution on single currency regime

The Economic Community of West African States (ECOWAS) Parliament on Thursday adopted a draft resolution on the macro-economic convergence and stability pact.

The move is aimed at achieving a single currency for the West Africa sub-region.

The resolution was adopted during the ECOWAS Parliament’s First Ordinary Session in Abuja following deliberations on the reports of the Joint Committee on Macro-Economic Policy and Economic Research and Committee on Administration, Finance and Budget.

The resolution which will be transmitted to the ECOWAS Commission in the coming days will ensure macroeconomic policy coordination with a view at ensuring a viable economic and monetary system for the sub-region.

The Chairman of the Joint Committee, Hon. Kebba Barrow, who presented the report at the plenary, said the resolution would be implemented in two phases.

He said the first phase would focus on convergence and would run from January 2022 to December 2026 while the second phase deals with stability and takes effect on January 1, 2027.