ECOWAS takes steps towards common Monetary Union
A working group comprising of academic scholars and representatives of Central Banks of Member States from the Economic Community of West African States (ECOWAS) have reviewed the Terms of Reference to recruit a consultant towards the development of the design of the symbol of the ECOWAS single currency.
In the first meeting of the working group which held on 1st April 2019 in Abuja, Nigeria, the Commissioner for Macroeconomic Policy and Economic Research of the ECOWAS Commission, Dr. Kofi Konadu Apraku stated that participants should also be guided by historical, cultural, economic, political and social factors as they proffer suggestions for the name of the single currency.
He stressed that the establishment of a common monetary union in the region is an integral part of the vision of the ECOWAS founding fathers. “A vision which, if fully realized, would see the social, cultural and economic transformation of the region”, he said.
The chairman of the meeting and representative of the Central Bank of Nigeria, Mr. Moses Tule, noted that the actualization of the ECOWAS single currency is of great importance as every region in Africa will have a monetary union by 2034 as stipulated by the African Union.
The participants of the meeting are expected to submit suggestions for the name of the single currency to the ECOWAS Commission ahead of its second meeting scheduled to take place on 23rd and 24th April 2019, in Accra, Ghana. The meeting will also feature discussions with graphic designers on the symbol of the currency.
The proposed name and symbol of the ECOWAS Single Currency will subsequently be submitted to the ECOWAS Council of Ministers for approval. Also in attendance of the meeting was the Director General of the West African Monetary Agency, Momodu Saho, the representative of the West African Monetary Institute, Isataou Mendy and representatives of the Central Bank of West African States (also known as BCEAO).