The long-awaited Economic Community of West African States (ECOWAS) common currency is to come on stream next year barring any last minute hitches.However, the denomination may remain the Eco, as preparations are in top gear to kick-start its design, including logo and other niceties, to have a sub- regional currency in the class of the Euro. Findings at the ECOWAS headquarters in Abuja indicate that every detail for the smooth take-off was being strengthened by the sub-regional body’s Macroeconomic Policy and Economic Research Department. “The action includes adoption of a new roadmap and establishment of a special fund to finance the roadmap – (viz) the validation of the terms of reference for the ECOWAS single currency’s name and logo – and launch of the competition. Furthermore, agencies need to accelerate the implementation of policy harmonisation measures and institutional arrangements outlined in the roadmap.”Apraku added:” In particular, the harmonisation of monetary and exchange rate policy frameworks continue to pose a daunting challenge. The challenge notwithstanding, I am delighted at the excellent collaboration existing between the ECOWAS Commission, central banks and regional institutions involved in the implementation of the single currency programme.”

Source: The Guardian February 01, 2019 03:31 UTC