Eco: Togo is still the only ECOWAS state meeting the convergence criteria

Economic governance
Tuesday, 08 September 2020 15:35
Eco: Togo is still the only ECOWAS state meeting the convergence criteria

(Togo First) - Togo remains the only ECOWAS member state that meets the convergence criteria for the adoption of the Eco, the future single currency of the zone.

The West African country was again recognized for this achievement at the 57th ECOWAS Heads of State Summit held in Niger and attended by Togo’s President Faure Gnassingbé.

The criteria to be adopted by all 15 member states of the ECOWAS include a fiscal deficit below 3%, a 10% inflation rate, and a debt/GDP ratio of less than 70%. Among other factors considered for the implementation of the currency is the fight against insecurity and collaboration between the member countries of the community.

Almost a year ago, the Eco debate emerged within the political and intellectual sphere of the region. Since then, little progress seems to have been made. The project, it should be noted, was overshadowed by more significant macro- and micro-economic challenges (in the wake of Covid-19, which led to a withdrawal of countries into themselves, with the closure of borders, a sharp slowdown in trade, and the allocation of state resources to more urgent issues).

Ayi Renaud Dossavi

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