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.