Mr. Jean-Claude Brou, President of the Economic Community of West African States (ECOWAS) Commission, has revealed that the community has commenced convergence in preparation for the launch of the ECOWAS single currency “ECO” in 2027, IgbereTV reports
Brou stated this on Tuesday, while presenting the ECOWAS Commission’s reports to the ECOWAS Parliament in Abuja during the ongoing 2022 First Ordinary Session of the Parliament.
According to Brou, the process of creating the unified currency was halted after the emergence of the COVID-19 Pandemic in 2020, since governments needed to focus on dealing with the pandemic.
He added that the convergence criteria have to be comprehensive in order for the currency to properly serve citizens once it was deployed.
“We had to suspend that in 2022, 2021. We are looking at 2022 to 2026 to be able to create conditions that will enable us to stabilise the economies.
“And so, 2027 we go back to the currency. The process of the performance criteria is always prioritised if we want to be in a very favorable condition to introduce the single currency.
“Because you can introduce the currency but what is required is that it should be of quality.
“In other words, it should serve the needs of the population and also should inspire confidence and trust in in the population
