Officials recommend further steps to speed up the introduction of the ECOWAS common currency

  Various African officials and leaders have emphasized the responsibility of taking more steps to speed up the process of launching the common currency of the Economic Community of West African States (ECOWAS) named Eco by 2027. The officials and leaders have made the call in The 43rd Joint Ordinary Meeting of the Economic and Financial Affairs Committee and the Operations and Governance Committee of the West African Monetary Agency (WAMA) held in Accra, the capital of Ghana. In June 2020, ECOWAS leaders approved the roadmap and guidelines for the launch of the Eco currency by 2027, which obliged all member countries to ensure that by the end of 2026 they had met all the basic criteria to achieve this.

However, Momodou Bamba Saho, director general of WAMA, said in his opening speech at the Accra meeting that not a single ECOWAS member country met all four criteria set for its achievement last year in 2022. West African Economic Community ( ECOWAS) The four basic criteria for unifying the currencies of the ECOWAS countries were intended to help establish the West African Financial Zone of the new Eco currency through dealing with commodity price inflation, dealing with budget deficits through domestic production, bank financing main whenever the country suffers from a deficit in its budget, and the issue of foreign currency reserves. For his part, Ernest Addison, the governor of the Bank of Ghana said at the meeting that: "Despite the many challenges, but it is gratifying to see that there is great progress to be proud of in the implementation of the map and goals we have set, although much more remains unfulfilled. "