The ECOWAS Parliament on Thursday moved a step closer toward achieving a single currency for the sub-region as it adopted the draft resolution on the Macroeconomic Convergence and Stability Pact.
The resolution was adopted during the ECOWAS Parliament’s First Ordinary Session in Abuja.
This followed deliberation at Plenary on the submissions by its Joint Committee on Macro-Economic Policy and Economic Research and Committee on Administration, Finance and Budget.
It is aimed at achieving the criteria for ECOWAS member states’ adoption of the single currency.
The resolution, which would be transmitted to the ECOWAS Commission, sought to ensure macroeconomic policy coordination with the aims of ensuring a viable economic and monetary union as well as reinforce macroeconomic stability.
It will further seek to strengthen the convergence of member states’ economies, including monetary and financial cooperation and will define the procedures for the adoption, of as well as the modalities for the implementation of national convergence programmes.
In the presentation, the Joint Committee, chaired by Kebba Barrow, highlighted that the pact shall be implemented in two phases.
He said the resolution also sought to strengthen the convergence of Member States’ economies, including monetary and financial cooperation.
Mr Barrow added that it will also define the procedures for the adoption of as well as the modalities for implementation of national convergence programmes.
According to him, the first phase which shall focus on convergence is to run from January 2022 to December 2026 while the second phase will centre on stability and shall run from January 1, 2027.
Other resolutions adopted by the ECOWAS Parliament were the consideration on the political situation in Mali, discussions on the post-election situation in Benin, Burkina Faso, Cote D’ Ivoire, Ghana, Guinea and Niger, Trade, Customs and Free Movement, as well as rules for the management and award of ECOWAS mark of conformity to ECOWAS standards, amongst others.
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