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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Achieving ECOWAS single currency
by 2020 a challenging task: official  

ABUJA, (Xinhua) -- It is a challenging task to achieve a single currency for the Economic Community Of West African States (ECOWAS) by 2020 although efforts are being made toward the goal, Geoffrey Onyeama, chairman of the bloc’s Council of Ministers, said on Sunday.

Onyeama, who is also Nigeria’s Foreign Affairs Minister, made the remarks a day after the 54th Ordinary Session of the ECOWAS of Heads of State and Government in Abuja on Saturday.

The official said there were certain criteria that needed to be fulfilled for a region to achieve the single currency, and which were not yet fully addressed.

Although there is political will to achieve the goal, certain economic and fiscal realities are posing challenges, he said.

The Eco is the proposed name for the common currency that the West African Monetary Zone plans to introduce under the framework of ECOWAS.

With its introduction, the goal is to merge the new currency with the West African CFA franc used by the French-speaking member-states of ECOWAS to create a common currency for much of West Africa.

           

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