Currency

West Africa: Ecowas Calls for Swift Implementation of Single Currency Program


The Economic Affairs and Agriculture Department of the ECOWAS Commission has called for the expedited implementation of the single currency program.

This recommendation was presented in a report to the Sixth Legislature of the ECOWAS Parliament on Monday, 15 July 2024, during its First Ordinary Session.

The report highlighted numerous challenges faced by the department and proposed solutions, with a key emphasis on implementing the single currency program. “It is crucial to build consensus between Member States to fast-track the implementation of the ECOWAS Single Currency Programme and provide the Department with the necessary human resources to enable it to carry out its mandate timely,” the report revealed.

Despite continuing to implement approved activities and work programs, the department faces significant challenges. These include non-tariff barriers to the free movement of people and goods, economic and financial volatility due to domestic and external shocks, climate change, recurring farmer/herder conflicts, and insecurity due to armed conflicts, which have resulted in food insecurity for millions in the region.

The report pointed out that the lack of consensus among Member States and insufficient human resources have delayed the creation of the single currency. To address these issues, the report suggested strengthening awareness among States for compliance with community texts, implementing rigorous economic policies, promoting peaceful coexistence, and combating terrorism and violent extremism.

In the realm of inclusive and sustainable development, the commission supported member state experts in international meetings and negotiations on environmental concerns and ECOWAS priorities. The commission has also launched a process to develop a regional action plan on plastic waste management, aimed at enhancing environmental governance and capacity building.