According to a report by Bloomberg on June 18th, the meeting of finance ministers and central bank governors of the Economic Community of West African States (ECOWAS), which ended in Abidjan, agreed on a series of technical issues, including the exchange rate system, around the implementation of a single currency in 2020. A monetary policy framework, etc., and a road map has been developed.The relevant results report will be submitted to the ECOWAS summit meeting for discussion and discussion at the end of the month. The Chairman of the EC Committee, Mr. Bruce, said that in order to consolidate the achievements already made, the heads of the member states instructed the relevant working groups to accelerate the process of monetary integration and strive to achieve the goal of launching the single currency process by 2020.At the meeting, the 15 member states of the ECOWAS unanimously decided to use the unified currency “ECO” since 2020 to replace the current circulating CFA franc and seven national currencies.
It is reported that the ECOWAS single currency target will be implemented in a gradual manner, allowing member states to join a unified monetary union after reaching certain technical standards.