ECOWAS to launch single currency by 2027

Jun 21, 2021, 11:43 AM

The Economic Community of West African States (ECOWAS) is determined to launch a single currency by 2027, according to the final communiqué of the 59th Ordinary Session of ECOWAS Authority of Heads of State & Government.

“The Authority commends the Ministerial Committee on the Single Currency Programme for its diligence in implementing the decisions taken at its 58th Ordinary Session held by video conference on 23rd January 2021,” the communiqué states.

“It decides: To adopt the Convergence and Macroeconomic Stability Pact between ECOWAS Member States, whose convergence phase covers the period from 2022 to 2026 and the stability phase from 1st January 2027; and Takes note of the roadmap for the launch of ECO by 2027 and charges the Ministerial Committee to continue to work to resolve all outstanding issues.”

Regarding the COVID situation, the Authority took note of the Covid-19 situation in the region, which “reveals a stabilisation of the situation resulting from efforts deployed by Member States and WAHO.”

“It took note of the vaccination in all Member Countries with vaccines provided by COVAX initiative and salute the recent decision of the G7 to provide additional vaccine to developing countries.”

“The Authority encourages the West Africa Health Organization to intensify its efforts regarding the mobilisation of partnership for the production of Anti-COVID Vaccines in the region and note the need to introduce biometric passport in the Region.”

“The Authority charges the President of The Commission to work with the Member States and WAHO on the modalities to accelerate the re-opening of land borders in a safe manner during the pandemic in line with the agreed ECOWAS Harmonised Guidelines for Free Movement of People and Goods during pandemic.” 

ON peace, security and democracy, the Authority reaffirms its commitment to the promotion of peace, security, and stability in the region as prerequisites for the economic integration and development of the region.

“On the political situation in the region, the Authority reiterates its concerns over the crisis in Mali in the context of security challenges related to terrorist attacks and the Covid-19 Pandemic with its dire socio-economic impacts.” 

“The Authority welcomes the Report submitted by H.E. Goodluck Ebele Jonathan, the ECOWAS Special Envoy and Mediator to Mali, sequel to his 

mission to Mali from 8th to 9th June 2021 to engage stakeholders on the decisions taken by ECOWAS Authority during its Extraordinary Summit held on 30th May 2021 in Accra, Ghana. 

  1. The Authority takes note of the appointment of a civilian Prime Minister and the formation of a new Government.”

“It also takes note of the commitment of the Transition Authorities to respect the electoral timetable which includes the organisation of a Presidential Election in February 2022.”

“The Authority was also informed of the Monitoring Mechanism that will be put in place to ensure that the electoral timetable unveiled on 15th April 2021 are strictly adhered to. It instructs the President of the Commission to ensure effective functioning of the Mechanism and implementation of the measures contained therein.”

“The Authority noted the positive development in Mali and decides to remain seized of the political situation in Mali.”