ECOWAS Ready To Debut Its ECO Single Currency

Ghana's VP has stated that mobile money might be a better alternative

By Joseph-Albert Kuuire 2 Min Read
Image Credit: ISS Africa

Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States (ECOWAS) have revealed plans to launch the ECO single currency initiative “soon”.

Details

The single currency is part of the features in the three-in-one Identity cards planned by the National Identity Management Commission of Nigeria and is set for roll-out by August.

A statement from the Ministry of Finance signed by the Director Of Press, Mohammed Manga, on Friday, said Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noted the critical role the ECO will play in fostering “economic growth and development in the region,” further emphasising Nigeria’s unwavering commitment to its successful implementation.

    What They’re Saying

    “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.” said a statment from the group.

    “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”.

    Zoom Out

    Ghana’s current Vice President, Dr Mahamudu Bawumia in a Continental Interoperability Symposium event in Accra, expressed concern about the political will to roll out the single currency system.

    He stated his readiness to begin engaging African governments to adopt the mobile money interoperability, which he believes will address the challenges in money transactions across the continent.


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    Joseph-Albert Kuuire is the creator, editor, and journalist at Tech Labari. Email: joseph@techlabari.com Twitter: @jakuuire
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