The Economic Community of West African States (ECOWAS) has urged its member states to reach a consensus on the institutional arrangements required for the launch of the ECO single currency.
In a statement issued by ECOWAS on Sunday, after the 68th
session of its authority of heads of state and government, the commission also
expressed concern over weak macroeconomic convergence among member states.
“The Authority took note of the deliberations of the 12th
session of the ECOWAS Convergence Council and expresses its concerns regarding
the macroeconomic convergence performance of Member States, with less than two
years before the launch of the ECO, as well as delays in the implementation of
certain activities of the Roadmap for the launch of the ECO,” the statement
reads.
“The Authority invites Member States to implement
appropriate economic policies enabling them to meet the macroeconomic
convergence criteria and reach consensus on the institutional arrangements
necessary for the launch of the ECO.
“The Authority also instructs the Commission to reactivate
the Presidential Task Force on the ECOWAS Single Currency Programme, to
facilitate the building of consensus on sensitive and or urgent issues.”
According to the bloc, the authority also welcomed the
resilience of ECOWAS economies in 2025, noting stronger economic growth, easing
inflationary pressures, and ongoing fiscal consolidation across the region.
To sustain the gains, member states were urged to continue
implementing economic reforms, intensify domestic revenue mobilisation, and
strengthen the efficiency and quality of public spending.
In addition, the authority noted progress on the submission
of a consolidated schedule of commitments under the protocol on trade in
services.
“The Authority urges all Member States to accelerate
implementation of the Agreement by strengthening relevant institutional
structures and operationalising Regional and National strategies on the
AfCFTA,” ECOWAS added.
The authority further called on the ECOWAS commission to
continue supporting member states and coordinating regional positions under the
continental trade agreement.
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