EXPERTS REVIEW ROADMAP FOR ECOWAS SINGLE CURRENCY

from:http://news.ecowas.int/presseshow.php?nb=229&lang=en&annee=2013

Regional experts have ended a two-day meeting in Accra for the review of the 
revised roadmap for the ECOWAS single currency, which involves the creation of a 
second currency by six Member States of the second monetary zone by 2015.

The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone constitute the six 
countries of the zone that agreed to create a second currency, Eco, to be used 
during a transition period along with the CFA franc prior to the creation of a 
single currency by 
2020.

The meeting of the inter-institutional technical sub-committee on the roadmap 
for the ECOWAS single currency programme is intended to review the 34 activities 
included in the programme for the single currency.

"The meeting is to review the roadmap and examine the status of implementation 
of these activities vis-à-vis the timelines indicated for their implementation," 
the Acting Director, ECOWAS Multilateral Surveillance Directorate, Dr. Nelson 
Magbagbeola said at the opening of the meeting on Monday, 29th July 2013.

The experts, drawn mostly from the ECOWAS Commission, Central Banks of West 
African States, BCEAO, West African Monetary Agency (WAMA), West African 
Monetary Institute (WAMI), West African Bankers Association (WABA), the ECOWAS 
Bank for Investment and Development (EBID) and the West African Economic and 
Monetary Union, UEMOA Commission, also revisited the reporting procedure of the 
roadmap, the frequency of their meetings and the financing of the various 
activities.

There were presentations by the ECOWAS Commission, WAMA, WAMI and WABA on the 
status of implementation of the various activities assigned to them under the 
road map
.
The activities are listed under 16 broad rubrics and include issues such as 
harmonization of policies in domestic taxes and the provision of regulatory 
framework in various areas, multilateral surveillance, the completion of the 
payment system infrastructure, removal of non-tariff barriers, stabilization of 
exchange rates, liberalization of capital accounts and the integration of 
financial markets.

It is expected that the proposed timelines on some of the activities will be 
presented to the next meeting of the ECOWAS Convergence Council through the 
Macroeconomic Policy Technical Committee for consideration and adoption.