The Economic
Community of West African States (ECOWAS) has announced that it has set a 2020
deadline for the commencement of its single currency policy in the region.
Mr. Essien Abel
announcement was made in Calabar on Monday by the Director of Strategic
Planning, ECOWAS Commission.
Essien said, the
committee is working assiduously towards ensuring that it succeeds in meeting
the target set for the use of the currency in the sub region. According to
Essien, the committee would do its work on the modalities for the
implementation of the expected monetary policy while the implementation would
largely depend on the Heads of State of member country of ECOWAS.
“The 2020 vision
seeks to create a borderless, peaceful, prosperous and cohesive region built on
good governance. It will also give people the capacity to access and harness
its enormous resources through the creation of opportunities for sustainable
development and environmental preservation,” Essien said at a meeting on
Strategic Planning Framework for 2016 – 2020 in Calabar, Nigeria.
“The 2016-2020
vision is specifically to ensure congruence of purpose and to ensure the
effective mobilisation and utilisation of the region’s abundant resources and
comparative advantage. It will also provide the general framework for advancing
integration wok in the region and guiding national development planning
process.’’
Essien said
the meeting was organised to harvest ideas and inputs that would lead to the
preparation of strategic documents that reflect the aspiration of ECOWAS vision
2020.
To accomplish the
single currency goal, member countries are required to implement a number of
measures including: Adoption of a market based exchange rate system,
micro-economic convergence, removal of trade barriers, the factor of
statistical harmonisation, putting in place a payment system infrastructure as
well as other facilities that would promote the conduct of monetary policy
within the zone.
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