A significant milestone has been reached in the journey towards a more integrated economic future for West Africa. Apexnewsgh reports
Finance Ministers and Central Bank Governors from the 15 member states of the Economic Community of West African States (ECOWAS) have advanced plans to launch the single currency initiative, known as the ECO.
The initiative, which has received endorsement from Nigeria, aims to promote economic growth and development throughout the West African sub-region. The single currency is also a feature of the three-in-one Identity cards planned by the National Identity Management Commission, set for roll-out by August.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the critical role the ECO will play in fostering economic growth and development in the region, reaffirming Nigeria’s commitment to its successful implementation.
The meeting brought together key players, 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. 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.
However, the success of the ECO initiative faces challenges with the withdrawal of Mali, Burkina Faso, and Niger from ECOWAS. Despite efforts to engage these countries, they have not responded positively.
Nevertheless, the remaining member states are committed to moving forward with the initiative, which is expected to have a significant impact on the economic landscape of the region.
The ECO initiative extends beyond a mere currency, aspiring to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region.
With renewed sense of purpose, the member states are dedicated to shaping the future of West African economics and creating a more integrated and prosperous region.
Source: Apexnewsgh.com
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