The Economic Community of West African States (ECOWAS) has announced its readiness to launch a single currency initiative, otherwise known as ECO.
This was disclosed in a statement by the Ministry of Finance and signed by the Director Of Press, Mohammed Manga, on Friday.
The ECOWAS single currency has also been incorporated as a feature in the three-in-one identity card planned by the National Identity Management Commission (NIMC) and set for roll-out in August.
The statement said Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the important role ECO will play in fostering “economic growth and development in the region,” further stressing Nigeria’s strong commitment to its successful implementation.
It further noted that participants went through the preparations for the single currency’s introduction, laying the groundwork for a more integrated economic future for the fifteen ECOWAS member states.
“The vision for the ECO extends beyond a mere currency. It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region.”
This week’s gathering brought together key players instrumental in making this vision a reality including the Minister of Finance of Cape Verde, Mr. Olavo Correia, the Minister of Finance and Economic Affairs of Cote d’Ivoire, Mr. Adama Coulibaly, and the Ghanaian Minister of Finance, Mr. Mohammed Amin Adam amongst other representatives.
These figures, along with others, formed a collaborative force dedicated to shaping the future of West African economics.
“The meeting culminated in a renewed sense of purpose surrounding the ECO’s introduction. Participants emerged with a shared belief that the single currency holds immense potential to reshape the economic landscape of the region, paving the way for a more prosperous future for all member states”, the statement added.
