The single currency of the ECOWAS postponed to 2025

The single currency of the ECOWAS postponed to 2025
The single currency of the ECOWAS postponed to 2025

Real GDP in West Africa would decline by 1.7% due to the pandemic after real growth of 3.9% in 2019, it was indicated on Saturday on the occasion of the 58th ordinary session of the Conference of Heads of State and Government of the Economic Community of West African States (ECOWAS) which was held by videoconference.

Given the situation, the establishment of the common currency in West Africa is postponed and “ the Summit decides to exempt member states from compliance with macroeconomic convergence criteria during the year 2021 “, Is it underlined in the press release.

« Because of the resurgence of the pandemic, the roadmap that was to lead to the single currency in 2020 no longer holds. According to the reports that have been made, a new roadmap will have to emerge and nothing will have to start before 2025 », Declared the Burkinabè Minister of Foreign Affairs, Cooperation, African Integration and Burkinabè Abroad, Alpha Barry, reports Sidwaya.

On the other hand, ECOWAS welcomed the entry into force on 1is January of the African Continental Free Trade Area (AfCFTA) and the ratification of the agreement by 12 of the 15 ECOWAS member states.

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