ECOWAS heads of state have drawn up a new roadmap which should see the adoption of the Eco in 2027. The period of approximately 5 years will be used to readjust the monetary convergence pact and prepare each country for transition.
New episode in the Eco series, the West African project of a single currency that regularly unleashes passions in the CFA zone. Meeting in summit this Saturday, June 19 in Accra, the leaders of ECOWAS decided to schedule the implementation of this new currency for 2027. The announcement was made by Jean-Claude Kassi Brou, the president of the organization’s commission.
The Eco, which was to become effective in 2020 following a process of monetary convergence of the countries concerned, was undermined by the economic crisis, followed by the coronavirus health crisis.
#Economie : 59e Sommet de la CEDEAO
” Nous avons une nouvelle feuille de route et un nouveau pacte de convergence qui couvriront la période entre 2022 et 2026, et 2027 étant le lancement de l’Eco “. @presidentecowas
— Mamane Laouane🤲💔✨ (@dan_kakali) June 20, 2021
The process will therefore resume in 2022 and gives itself 5 years to adapt to the new international situation. A deadline that some experts nevertheless find too short, especially since the economic prospects of oil-exporting states do not necessarily go in the desired direction.
The summit also addressed the situation in Mali, commending its “positive development” as a result of the establishment of a government in line with international recommendations. However, the country remains suspended until further notice from sub-regional institutions. However, Jean-Claude Kassi Brou announced a collaboration with the Malian authorities to prepare the ground for elections.
Source: Agence Ecofin/ By Feriol Bewa