PANAPRESS
Panafrican News Agency
ECOWAS single currency: 'One of the biggest issues'
Niamey, Niger (PANA) - The accomplishment of a single currency for the Economic Community of West African States (ECOWAS) is one of the biggest issues for Heads of State of member countries for a real affirmation of regional integration, reports the Niger pro-government news weekly Sahel Dimanche.
According to the publication, although there had been a delay, progress had been made with the holding this week in Niamey of the 4th meeting of the Ministerial Committee of the Presidential Task Force on the ECOWAS Single Currency Programme.
At that meeting, the Ministerial Committee considered and adopted the three reports submitted for approval.
These are the 8th meeting of the Technical Committee, the operationalization of the Special Fund and name and logo of the future ECOWAS currency, as well as the harmonization of the monetary policy framework.
The weekly newspaper said the Chairman of the ECOWAS Commission, Jean-Claude Kassi Brou, noted that the recent performance of Member States, conducted jointly by the ECOWAS Commission, the West African Monetary Agency (WADA) and the West African Monetary Institute (WAEMI), showed an improvement in the region's economic growth in 2018.
"Our region's growth forecasts would be 3 per cent in 2018 compared to 2.3 per cent in 2017, following the consolidation of the recovery of the Nigerian economy and the acceleration of economic growth in the other countries. In 2018, six member states of our region recorded a growth rate of more than 6 per cent," said Brou.
With regard to inflation, he stated that the region should experience a decline in inflationary pressures, with an average rate of 10 per cent in 2018 compared to 13.8 per cent last year. The average budget deficit of ECOWAS is expected to be 5 per cent in 2018 from 5.1 per cent in 2017.
"These results indicate that progress has been made, even though efforts remain to be made by the countries of the community to build the solid foundation for the future ECOWAS currency," he said.
The conclusions and recommendations of the meeting will be submitted to the Conference of Heads of State and Government of the region to be held on 22 December in Abuja, Nigeria.
-0- PANA SA/JSG/MTA/MA 21Dec2018
According to the publication, although there had been a delay, progress had been made with the holding this week in Niamey of the 4th meeting of the Ministerial Committee of the Presidential Task Force on the ECOWAS Single Currency Programme.
At that meeting, the Ministerial Committee considered and adopted the three reports submitted for approval.
These are the 8th meeting of the Technical Committee, the operationalization of the Special Fund and name and logo of the future ECOWAS currency, as well as the harmonization of the monetary policy framework.
The weekly newspaper said the Chairman of the ECOWAS Commission, Jean-Claude Kassi Brou, noted that the recent performance of Member States, conducted jointly by the ECOWAS Commission, the West African Monetary Agency (WADA) and the West African Monetary Institute (WAEMI), showed an improvement in the region's economic growth in 2018.
"Our region's growth forecasts would be 3 per cent in 2018 compared to 2.3 per cent in 2017, following the consolidation of the recovery of the Nigerian economy and the acceleration of economic growth in the other countries. In 2018, six member states of our region recorded a growth rate of more than 6 per cent," said Brou.
With regard to inflation, he stated that the region should experience a decline in inflationary pressures, with an average rate of 10 per cent in 2018 compared to 13.8 per cent last year. The average budget deficit of ECOWAS is expected to be 5 per cent in 2018 from 5.1 per cent in 2017.
"These results indicate that progress has been made, even though efforts remain to be made by the countries of the community to build the solid foundation for the future ECOWAS currency," he said.
The conclusions and recommendations of the meeting will be submitted to the Conference of Heads of State and Government of the region to be held on 22 December in Abuja, Nigeria.
-0- PANA SA/JSG/MTA/MA 21Dec2018
