ECOWAS yet to agree a name for new currency

Dakar- Senegal (PANA) -- The five-nation West African Monetary Zone (WAMZ), has deferred the choice of a new name for the currency to be used under the second monetary Zone, to be created in 2003 within ECOWAS.
Leaders of the five countries - Gambia, Ghana, Guinea Nigeria and Sierra Leone - agreed at their third Summit in Dakar, Senegal, to work with the eight-nation West African Monetary and Economic (UEMOA) on a currency for the sub-region.
The meeting was on the sidelines of the 20-21 December ECOWAS Summit in the Senegalese capital.
UEMOA, which operates the CFA francs tied to the French Francs, is also to replace its currency with the coming into force of the EU's Euro by January 2002.
The ECOWAS first and second monetary zones are to merge into a single regional currency by 2004.
The five countries, signatories to the April 2000 Accra agreement, decided on the second monetary zone under the "fast-track" approach adopted by regional leaders at their 1999 Lome Summit to facilitate sub-regional economic integration.
The five at their Dakar meeting agreed that it would be economical to operate a common currency for the entire region, instead of operating two currencies simultaneously before the 2004 merger.
A single monetary union, earlier planned for 2000, is a crucial element of sub-regional integration under the Treaty that set up the 15-member organisation in 1975.

21 december 2001 16:50:00

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