West African nations adopt ECO as ‘single currency’

West African nations adopt ECO as ‘single currency: Leaders of the member states of the Economic Community of West African States, known as ECOWAS, formally agreed on Saturday to name a planned common currency the “ECO”. The 15-member group announced at the end of a #summit in #Abuja, the Nigerian capital, that “ECO was adopted as the name of the #ECOWAS single currency.”

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The idea of a common #currency for the West African region was first mooted almost 30 years ago in the hope of boosting cross border trade and #economic #development.

The aim is to have the currency in place by next year and leaders in Abuja reaffirmed the “gradual approach to the single currency starting with countries that meet the convergent criteria,” a statement said.

It said the currency would be based on a flexible exchange rate regime, coupled with a monetary policy #framework focused on inflation targeting.

Member states should pursue appropriate policies and structural hashtag#reforms that will sustain accelerated growth and the structural transformation of their economies, it added. https://lnkd.in/de2gTdi ‪

#ECO #OneAfricanMarket #TheAfricaWeWant #Africa #AU #AfricaRising #SAATM #Agenda2063 ‬#AfricaMustUnite #BetterAfricaBetterWorld ‬#TradeNotAid‬

Credit: Mark-Anthony Johnson