The Economic Community of West African States (ECOWAS) is planning to dump its single currency (ECO) initiative, at least for now, after years of struggles\u2026<\/p>\n\n\n\n
The Economic Community of West African States (ECOWAS) is planning to dump its single currency (ECO) initiative, at least for now, after years of struggles to actualise the plan.<\/strong><\/p>\n\n\n\n Sen. Edwin Melvin Snowe Junior, Co-chair of the ECOWAS joint committees on Social Affairs, Gender and Women Empowerment, Legal Affairs and Human Rights, Political Affairs, Peace, Security and African Peer Review Mechanism (MAEP), Legal and Human Rights, Trade Customs and Free Movement, disclosed this during an interview with Daily Trust in Banjul, Gambia at the weekend.<\/p>\n\n\n\n The ECOWAS single currency initiative was first proposed in the late 1990s but the idea gained more traction in 2000 when the West African Monetary Zone (WAMZ) was established to work towards creating a single currency for the region.<\/p>\n\n\n\n The ECO was envisioned to become a cornerstone of economic growth and development for the 15 member states of ECOWAS as it is expected to simplify transactions, reduce the hassle of currency exchange, and promote a more integrated and prosperous West African region.<\/p>\n\n\n\n However, the initiative has hit a rock and seems to be dead already following some political challenges.<\/p>\n\n\n\n Speaking on the struggles in actualising the single currency initiative, MP Snowe Junior said there have been some political challenges.<\/p>\n\n\n\n \u201cThe single currency is a work in progress. It has its own political implications.<\/p>\n\n\n\n \u201cThere has been a lot of political situation that has to be addressed. It\u2019s not that we don\u2019t have good economists or analysts who can understand and implement it.<\/p>\n\n\n\n \u201cWe have had little or less problems from the English-speaking zone but because we have the French CFA with the reserve in France and then you have the BCEAO bank as another federal bank for the French-speaking countries, we have to integrate the currency.<\/p>\n\n\n\n \u201cSo, it still needs a lot of political will and that is why the last three countries that had coup d\u2019\u00e9tat are talking about changing their currencies because their reserve is in France and not in West Africa or Africa,\u201d he said.<\/p>\n\n\n\n \u201cAnd then, over the years, those two currencies can migrate into a single currency,\u201d the lawmaker said.<\/p>\n\n\n\n He said political instability in the region had halted the consideration of the proposals of two currencies for the region but assured that focus would be shifted back to the issue as soon as possible.<\/p>\n\n\n\n \u201cWe have been more concerned with putting the region back together, resolving the security situation in the region and then we can put back the single currency issue on the front burner,\u201d he said.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" The Economic Community of West African States (ECOWAS) is planning to dump its single currency (ECO) initiative, at least for now, after years of struggles\u2026 The Economic Community of West<\/p>\n","protected":false},"author":1,"featured_media":12054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_rishi_post_view_count":349},"categories":[1],"tags":[],"class_list":["post-12053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","rishi-post"],"rishi__cb_customizer_meta":"","comments_count":"0","yoast_head":"\n