Heads of state and government of the Economic Community of West African States, at their 66th Ordinary Session held in Abuja on Sunday, December 15, took another step towards the launch of ECO, the future regional single currency.
Gathered in the Nigerian capital, West African leaders marked their commitment by adopting several key measures. The conference validated the criteria proposed by the High-Level Committee for the selection of members eligible for the initial launch of Eco. It also endorsed the proposals on costs, sources of financing and modalities for implementing the reforms.
Central banks and member countries were invited to accelerate their efforts by rapidly mobilising their financial contributions. This mobilisation is essential to support the economic and strategic reforms needed to make the Eco a reality.
Regional leaders stressed the need to accelerate the diversification of national economies. The aim is to create a solid economic base to ensure the viability of the single currency.
“We must work towards deeper economic integration and structural reforms that will enable our region to meet the challenges of monetary integration,” said a conference official.
Discussions also focused on the operationalisation of Eco-related institutions. Ecowas leaders reaffirmed their commitment to meeting the deadlines set for these structures to become fully operational.
The single currency, an integral part of Ecowas’ regional integration ambitions, aims to facilitate trade among the 15 member countries and strengthen their economic competitiveness on the international stage.
With the Eco, Ecowas hopes to usher in a new era of economic cooperation and monetary stability for the region’s 400 million citizens.
ARD/sf/te/lb/as/APA