Member States of the Economic Committee of West African States, (ECOWAS) have fixed 2027 for full implementation of a single currency, ECO.
The ECO, which was supposed to be implemented in 2020, had to be suspended due to the coronavirus pandemic.
But at the 59th ordinary session of ECOWAS in Accra on June 19, the leaders have set a new roadmap for the ECO to come into force.
President of the ECOWAS Commission, Dr Jean Claude Brou, announced the decision of the sub-regional bloc.
“We also have in terms of the single currency a new road map and a new convergence part that covered the period 22, 26 and 27th period being the launching of the ECO.
“So that’s also being a very big decision because we recall due to the Covid, the head of state decided to suspend the implementation convention of part in 2020 and 2021 and they also decided that the ministerial committee should look at the new road map, … the new convergence spark adopted by the heads of the state and government,” he said.
He added the 15-member ECOWAS Commission will be reformed told bring the number to seven.
Member States of the ECOWAS have also set 2022 and 2026 to meet the 11 convergence criteria including an end of year single inflation and fiscal deficit of not more than 4 percent of GDP for qualification.
So far, only six out of the 16 member States have rectified the agreement.