The Economic Community of West African States (ECOWAS) Commission has held its maiden Virtual meeting of the Technical Committee on single currency.
The 5-day programme held from 8th – 12th January 2021, saw membership drawn from member states made up of Ghana, Nigeria, Sierra Leone, Guinea, Liberia and The Gambia and Partner Institutions including West African Institute for Financial and Economic Management (WAIFEM), West African Monetary Agency (WAMA), ECOWAS Commission, UEMOA COMMISSION, ECOWAS Bank for Investment and Development (EBID), African Development Bank, African Capacity Building Foundation (ACBF), World Bank, International Monetary Fund (IMF), West African Bankers Association (WABA), Bank Commission and AFREXIMBANK.
In his welcome address, the Commissioner, Macroeconomic Policy and Economic Research of the ECOWAS Commission, Dr Kofi Konadu Apraku noted that the Commission has prepared the status of macroeconomic performance and Convergence during the first half of 2020. Stating that ‘the advent of covid-19 obstructed on-site joint multilateral surveillance to Member states’
He highlighted Roadmap to be considered in deliberations of the Commission and its members, ensuring that all activities are properly costed and reflect current realities; and that adequate funds would be available from the sources proposed in the draft document to finance the activities of the Roadmap.
Dr Apraku further mentioned that preparation of the drafted New Roadmap was guided by a thorough review of the current version which was adopted in 2018 and developments that preceded it; such as the adoption of a common monetary policy framework, common exchange rate regime, name and system of common central bank, name and symbol of single currency, as well as other advanced but uncompleted processes. Similarly, a revision of the Convergence and Stability covering the period 2016 – 2019 and related developments guided the preparation of the draft document.
The Report of the meeting is discussed by Ministerial Committee made up all the Finance Ministers and Governors of Central Banks of ECOWAS member countries. The final Report has been presented for approval of the ECOWAS Authority of Heads of States and Government at the ongoing Summit in Abuja today.
About ECOWAS Commission Technical Committee
The Technical Committee prepares the ground for the Committee of Governors and Convergence Council meetings by critically reviewing the technical reports prepared by the West African Monetary Institute (WAMI) and other stakeholder institutions and proffer appropriate and actionable recommendations to move the integration process forward.
