President of the commission, Jean-Claude Brou, has
said that The ECOWAS Task Force on the region’s single currency would meet in
June to give the assessment on the studies of the currency.
Brou said this while presenting the Community Work Programme at the ongoing
ordinary session of the ECOWAS Parliament in Abuja.
The commission’s president said that stakeholders in the region’s economic and
finance sectors, including the central banks and ministers of finance, had been
deliberating on the single currency.
it would be recalled that the Authority of Heads of State and Government had
set aside 2020 for West African countries to achieve the single currency which
would promote economic integration.
The commission’s president, while presenting the community report to the
parliament in November 2018, said that many member states had yet to meet the
macroeconomic convergence criteria required for a monetary union.
The three primary criteria that are being used are a budget deficit of not more
than three per cent; average annual inflation of less than 10 per cent with a
long term goal of not more than five per cent by 2019; and gross reserves that
can finance at least three months of imports.
