Single currency: ECOWAS Parliament adopts Stability Pact

The ECOWAS Parliament on Thursday moved a step closer toward achieving a single currency for the sub-region as it adopted the draft resolution on the Macroeconomic Convergence and stability Pact.

The pact, which was adopted at the closing of its First Ordinary Session in Abuja, was a critical prelude to achieving the criteria for Member-States’ adoption of the single currency – the ECO.

The Parliament adopted its resolution for a Draft Supplementary Act on the Pact.

This followed deliberation at Plenary on the submissions by its Joint Committee on Macro-Economic Policy and Economic Research and Committee on Administration, Finance and Budget.

The resolution, which would be transmitted to the Commission, sought to ensure macroeconomic policy coordination with the aims of ensuring a viable economic and monetary union as well as reinforce macroeconomic stability.

In the presentation, the Joint Committee, chaired by Hon. Kebba Barrow, highlighted that the pact shall be implemented in two phases.

He said that the resolution also sought to strengthen the convergence of Member States’ economies, including monetary and financial cooperation.

Barrow added that it also shall define the procedures for the adoption of as well as the modalities for implementation of national convergence programmes.

According to him, the first phase which shall focus on Convergence is to run from January 2022 to December 2026 while the second phase will center on stability and shall run from Jan. 1, 2027.

Meanwhile, other resolutions adopted by Parliament bordered on issues such as consideration on the political situation in Mali, discussions on the post-election situation in Benin, Burkina Faso, Cote D’ Ivoire, Ghana, Guinea and Niger.

They also included Trade, Customs and Free Movement as well as rules for the management and award of ECOWAS mark of conformity to ECOWAS standards. (NAN)