2020 deadline for single currency will be met-Presidential Taskforce

The Presidential taskforce formed to ensure the establishment of a single currency for the ECOWAS region has reaffirmed its commitment to ensuring that the vision is realized by 2020.

Nearly 20 years after taking the decision to have a single currency to enhance trade in the region and boost the economic fortunes of countries, the ECO is yet to come into effect.

The taskforce is made up of presidents from countries within the region including Ghana, Ivory Coast, Togo and Niger.

Speaking at the fifth meeting of the Presidential Task Force in Accra, President Akufo-Addo said the establishment of a single currency is important, not only to the establishment of a union but to the larger agenda of the West African integration.

“The era of Africa’s industrialization has dawned so that we can also trade in the world economy, not on the basis of the export of raw materials but on the basis of things we make. Our quest for a single currency is not intended to boost trading of goods produced in third-party countries. It is meant to encourage the production of goods and services within the region,” Akufo-Addo stated.

After deliberating on challenges hindering the programme and proposing solutions to them, the Presidential Task Force, among other things, reaffirmed their political will to meet the ECOWAS Single Currency Programme deadline by 2020.

They also reaffirmed their commitment to ratify and implement all relevant ECOWAS protocols and conventions.

Also in attendance at the meeting were governors of Central Banks and foreign ministers from the ECOWAS.

By Nana Oye Ankrah