ECOWAS plans speedy single monetary union

ECOWAS plans speedy single monetary union

The ECOWAS member states have called for speedy implementation of the Commission’s Macroeconomic Convergence, known as ECOMAC, to expedite single monetary union in the region.

A statement from ECOWAS Commission on Thursday, said series of workshops had been held in Lomé, Lagos and Abidjan in 2010 to examine and validate the ECOMAC database to that effect. 

Microeconomic convergence

The statement signed by the commission’s information officer, Mr Uwem Thompson, stated that the methods of data retrieval from each ECOWAS member state were also discussed in the workshop.  

“Member states, experts and other regional institutions have called on the commission to accelerate the process for the operationalisation of the ECOWAS Macroeconomic Convergence,’’ the statement said. 

The commission reiterated its commitment to the operation of the database to facilitate macroeconomic activities of the member states. 

ECOMAC database

ECOMAC’s database is expected to be launched in July.

The database will focus on generalities and country-specific guides which were developed to address challenges in each of the member states.

The general and country-specific guides will be prepared in the three ECOWAS official languages comprising English, French and Portuguese.

The ECOWAS member states are the Federal Republic of Nigeria. Benin, Burkina Faso, Cape Verde, Côte d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Senegal, Sierra Leone and Togo.

NAN/Williams