The Central Bank of West African States (BCEAO), through its Governor, Jean-Claude Kassi Brou, has reaffirmed its commitment to the creation of the Eco, the future regional currency of the Economic Community of West African States (ECOWAS).
BCEAO hosted the 64th ordinary meeting of the Committee of Governors of the Central Banks of the countries of the bloc in Dakar on Tuesday, July 30.
It was an opportunity for the BCEAO governor to return to the theme of monetary integration, in particular the creation of the Eco.
“The BCEAO is committed to continuing to support initiatives aimed at accelerating growth, macroeconomic stability and the process of monetary integration within the Cédéao,” Jean-Claude Kassi Brou said, stressing the importance of creating conditions conducive to the viability of the future monetary union.
In a global economic context marked by inflationary pressures and geopolitical crises, the Governor of the BCEAO stressed the importance of “pursuing monetary integration efforts within ECOWAS, despite the challenges facing the region.”
The slowdown in the region’s economic growth in 2023, accompanied by rising inflation, “has highlighted the need to strengthen macroeconomic convergence among member countries,” Brou said.
Faced with these challenges, he called on the community countries to “intensify their efforts to meet the convergence criteria,” a sine qua non for the successful launch of the Eco.
A number of key issues were reviewed at the meeting, including the West African Monetary Agency (WAMA) Activity Report, the Report on Macroeconomic Convergence in ECOWAS member states and the Common Monetary Policy Framework.
Future Central Bank
These discussions are aimed at establishing the institutional and legal foundations necessary for the proper functioning of the future Central Bank of West Africa.
Strengthening cross-border banking supervision and exploring the potential impact of a central bank digital currency on the ECOWAS monetary cooperation program have also been addressed. This underlines the global and forward-looking approach of the regional monetary authorities.
ARD/sf/lb/as/APA
