The Economic Community of West African States, ECOWAS, is set to launch its single currency the “ECO” in 2027.
The President, ECOWAS Commission, Jean-Claude Kassi Brou, disclosed this while delivering reports of the ECOWAS Commission at the ongoing 2022 First Ordinary Session of the ECOWAS Parliament in Abuja, Nigeria.
He said the process of launching the single currency was stalled due to the outbreak of the COVID-19 pandemic in 2020, as countries needed to focus on handling the disease.
Dr. Brou explained that the convergence criteria had to be thorough so that when the currency is implemented, it will serve the citizens effectively.
“We had to suspend that in 2022/21. We are looking at 2022 to 2026 to be able to create conditions that will enable us to stabilise the economies.
“And so, 2027 we go back to the currency. The process of the performance criteria is always prioritised if we want to be in a very favourable condition to introduce a single currency
“Because you can introduce the currency but what is required is that it should be of quality.
“In other words, it should serve the needs of the population and also should inspire confidence and trust in the population.
“So that is the main objective, to ensure that the convergence criteria is being followed,” he said.
Insecurity
On insecurity, Dr. Brou said that the region was winning in the fight against maritime insecurity, with Nigeria being removed from the piracy list hotspot.
Dr. Brou said winning the war against maritime insecurity could also be seen with the decreased rate of attack in the Gulf of Guinea following actions by member countries.
“A year ago, I told you that the maritime insecurity in the Gulf of Guinea was extremely disturbing and globally we were the zone having the largest number of maritime piracy attacks.
“Actions have been carried by the countries individually but also at the level of regional coordination.
“And the situation has reduced slightly to the point that Nigeria has come out of the list of countries having a high level of maritime piracy.
“We will continue to work at regional level with the inauguration of our Regional Coordination Centers for Maritime Security that has been set up in the various zones”.
Dr. Brou however, expressed concern over the spate of terrorism in some countries which had led to humanitarian crises in the affected countries.
The ECOWAS Commission’s President said that just like how maritime insecurity was addressed, early warning mechanisms among other initiatives would be implemented to tackle the menace.
“Obviously, the fight against terrorism is a priority and it is being implemented.
“It comes to strengthen the various actions carried out in the various countries; above all, it comes to fight insecurity.
“The security situation as well as the food production crises creates unprecedented humanitarian crises in the region.
“In 2021, the number of Internally Displaced Persons in the region went from 4.4 million to 5.5 million, so there is a large increase in the numbers of IDPs.
“So this shows the extent of the crises facing our region because of the double burden of security and food production”.
Combating monkey pox
On the prevalence of monkey pox in the region, Dr. Brou said the West African Health Organisation, WAHO, is currently monitoring the development of the virus and measures are being taken at containing its spread.
The 2022 First Ordinary Session of the ECOWAS Parliament from June 9 to July 2, seeks to deliberate on draft community regulations emanating from the Commission.
Other agenda for discussion includes: examining community strategies targeted at improving governance; addressing unconstitutional change of governance; insecurity and proffering solutions to democratic consolidation in the region.
Emmanuel Ukoh
Leave a Reply