ECOWAS finally speaks on establishment of single currency in 2027

ECOWAS

Dr. Olorunsola Olowofeso, Director-General of the West African Monetary Zone (WAMZ), has stated that the goal for the Economic Community of West African States (ECOWAS) to establish a single currency by 2027 is no longer feasible.

In an interview with NAN in Abuja, Olowofeso mentioned that member-states of the WAMZ have not been able to fulfill all the necessary criteria.

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This comes after the 48th meeting of the Committee of Governors of the Central Banks of the WAMZ member-states in Abuja, where Olowofeso expressed doubts that any member-states will meet all four primary convergence criteria between 2024 and 2026.

“The quest for a single currency by WAMZ will take much longer to achieve as the convergence indicators have declined significantly.

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“The assessment of member states’ performance reveals that, as of the end of June 2023, all member states still need to meet all the four primary convergence criteria.

“The zone’s performance score declined to 29.2 per cent, compared to 41.7 percent during the same period in 2022,” he said.

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