West Africa’s 15-nation member bloc, Ecowas, says it aims to launch a single currency in 2027 after its previous plans were delayed by the coronavirus pandemic, report says.
According to DW.com, the bloc made the announcement over the weekend in Ghana after the 59th Ecowas Ordinary Summit.
“Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021
“We have a new road map and a new convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the eco,” the report quoted Jean-Claude Kassi Brou, president of the Ecowas Commission as saying.
A Reuters report said the countries hoped a single currency would help boost trade and economic growth.
Nigeria, the largest economy in West Africa, currently operates a managed float for its currency, while eight others including top cocoa producer Ivory Coast, use the France-backed CFA, pegged to the euro, the report said.
PICTURE: Twitter_@nie_gh
