ECOWAS States adopt new roadmap to launch their single currency, the Eco, in 2027

Economic governance
Tuesday, 22 June 2021 13:33
ECOWAS States adopt new roadmap to launch their single currency, the Eco, in 2027

(Togo First) - The Eco, the projected currency of the ECOWAS, should become a reality in 2027. This date was set in the new roadmap for the single currency recently adopted by the Authority of the ECOWAS Heads of State and Government. 

The leaders, who were holding an ordinary session in Accra, Ghana, adopted a new convergence and macroeconomic stability pact to ensure that the Eco is effectively used six years from now. In line with the pact, ECOWAS States are to meet related convergence criteria between 2022 and 2026. “We have a new roadmap and a new pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco,” said Jean Claude Kassi Brou, President of the ECOWAS Commission, at the end of the session. 

The community should enter a stability phase starting from January 1, 2027 - if commitments are met. The new roadmap, the fourth, comes in about a month after the General Assembly held on the Eco. The latter, an international summit on the currency, was held in Lomé and was chaired by Kako Nubukpo, a Togolese economist and advocate of the Eco. 

The roadmap was proposed then by economists who attended the summit. They had suggested the creation of a central bank that would manage the single currency. 

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