A group of fifteen West African countries have adopted a new road map to launch a single currency in 2027 after the coronavirus pandemic thwarted its previous plans.
The new road map was agreed by heads of state of the Economic Community of West African States (ECOWAS); Jean-Claude Kassi Brou, President of the ECOWAS Commission, told a news conference after a summit of the leaders in Ghana on Saturday.
“Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021” Brou said.
“We have a new road map and a new convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco,” he said, referring to the name of the new currency.
Dr Brou said the heads of state had asked the ministerial committee to look at the new roadmap and the convergence pact, taking into account the lessons from the COVID-19 pandemic.
ECOWAS has a combined population of 385 million and was set up in 1975.
It Comprises Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.