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
Single currency is part of the features of the three-in-one ID cards designed by National Identity Management Committee of Nigeria and is set to be released by August.
Announcement of the Ministry of Finance signed by the Press Director, Mohammed Mangaon Friday, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, noted the critical role ECO will play in promoting “economic growth and development in the region”, further stressing Nigeria’s unwavering commitment to the successful application of .
What they say
βThe vision for ECO extends beyond a simple currency. It aspires to become a cornerstone of economic integration, streamlining trade and enhancing monetary stability across the region.” said a statement from the team.
βThe meeting culminated with a renewed sense of purpose around the introduction of ECO. Participants emerged with a shared belief that the single currency has enormous potential to reshape the economic landscape of the region, paving the way for a more prosperous future for all member states.”
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The current Vice President of Ghana, Dr Mahamudu Bawumia at a Continental Interoperability Symposium event in Accra, expressed concern on the political will to develop the single currency system.
He said he is ready to start engaging African governments to adopt mobile money interoperability, which he believes will address challenges in money transactions across the continent.
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