Efforts aimed at introducing a single currency for West Africa seem to slowly be paying a dividend.
President Muhammadu Buhari will on December 21 now be meeting with all the heads of state of ECOWAS member countries to discuss its adoption.
The meeting, which will hold at the ECOWAS Secretariat in Abuja, will include the leaders of Benin, Burkina Faso, Cape Verde, The Gambia, Ghana, Guinea, Guinea-Bissau, Côte d’Ivoire, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
The countries had earlier formally agreed to name the common currency “Eco” with a commencement date initially set for 2020
The December 21 meeting, will review the macroeconomic convergence report, state of preparedness of the monetary union, the symbol of the single currency, the proposed name of the Central Bank of ECOWAS and the term of reference for the bank.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, revealed this yesterday in Abuja.
She spoke at a meeting of the ECOWAS Committee of ministers of finance and governors of central banks.
She informed, “We have a report that is ready for submission to our presidents who will be meeting on December 21 here in Abuja.
“At the meeting, the presidents will consider the recommendations from this meeting and the decisions they will be taking will now be reported to our countries.”