ECOWAS Parliamentarians to Adopt New Strategy for Single Currency

Members of the Parliament of the Economic Community of West African States (ECOWAS) are considering a new strategy that will allow member states to share a single currency.

The new measure will examine the level of preparedness of each member state, discuss and determine the baseline macro-economic requirement and structural convergence for economic and monetary integration that will lead to actualization of a common currency for financial transactions and trade facilitation in the sub-region.

In a statement by the Communications Adviser to the Director General of the National Institute for Legislative and Democratic Studies (NILDS), Nwajei Kanayo, said to take a decision on that, a one-day parliamentary workshop is billed to take place in Abuja in June.

The single currency programme has suffered a couple of setbacks with four successive postponements in 2003, 2005, 2009 and 2015.

The workshop is expected to provide a forum for ECOWAS parliamentarians and other regional and international stakeholders and experts to examine the legal and institutional frameworks needed for a credible monetary union in ECOWAS and to identify legislative actions needed to promote a viable monetary union.

Expected at the workshop are members and officials of the ECOWAS Parliament, selected national parliaments in member states, ECOWAS Commission, West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), UEMOA Commission, Ministries of Finance of the Presidential Task Force member countries, among others.