Experts review roadmap for ECOWAS single currency

Accra, Ghana (PANA) - A two-day meeting of regional experts, to review the revised roadmap for the ECOWAS single currency that involves the creation of a second currency by six member states of the second monetary zone by 2015, has rounded off here.

Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone constitute the six countries of the zone that agreed to create a second currency, Eco, to be used during a transition period along with the CFA franc, prior to the creation of a single currency by 2020.

According to the ECOWAS Commission, the meeting of the inter-institutional technical sub-committee on the roadmap for the ECOWAS single currency programme is intended to review
the 34 activities included in the programme for the single currency.

"The meeting is to review the roadmap and examine the status of implementation of these activities vis-à-vis the timelines indicated for their implementation," the Acting Director, ECOWAS Multilateral Surveillance Directorate, Dr. Nelson Magbagbeola, said at the opening
of the meeting on Monday.

The experts, drawn mostly from the ECOWAS Commission, Central Banks of West African States, BCEAO, West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), West African Bankers Association (WABA), the ECOWAS Bank for Investment and Development (EBID) and the West African Economic and Monetary Union, UEMOA Commission, also
revisited the reporting procedure of the roadmap, the frequency of their meetings and the financing of the various activities.

There were presentations by the ECOWAS Commission, WAMA, WAMI and WABA on the status of implementation of the various activities assigned to them under the road map

The activities are listed under 16 broad rubrics and include issues such as harmonisation of policies in domestic taxes and the provision of regulatory framework in various areas, multilateral surveillance, the completion of the payment system infrastructure, removal of
non-tariff barriers, stabilization of exchange rates, liberalisation of capital accounts and the integration of financial markets.

It is expected that the proposed timelines on some of the activities will be presented to the next meeting of the ECOWAS Convergence Council through the Macroeconomic Policy Technical Committee for consideration and adoption.
-0- PANA SEG 31July2013

31 july 2013 13:30:53

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