Abuja, 1st November 2017. The Committee of the Governors of Central Banks of ECOWAS Member States led by its chairman, Mr. Godwin Emiefele of the Central Bank of Nigeria (CBN), have called for greater synergy between the West African Monetary Agency (WAMA) and ECOWAS in the bid to attain a single currency in the region.
This was the key message from a working visit of the Governors of Central Banks of ECOWAS Member States to the President of the ECOWAS Commission Mr. Marcel de Souza on 1st November 2017, in Abuja, Nigeria.
During the visit, the President of the Commission emphasized the need for a single currency which will increase inter-state trade and foster economic integration in the region.
However, he stated that in regards to the convergence, none of the Member States have met the convergence criteria as stipulated by the 2012-2016 marco-economic programme.
Mr. Emiefele in his remarks stated that some factors such as lack of adequate funding, low capacity of Member States to meet the requirements of certain areas of harmonization and the coexistence of two exchange rate regimes in the region are responsible for Member States not being able meet the criteria.
Hence, the Committee of Governors called on ECOWAS to collaborate closely with WAMA and also consider avenues for financing some of their activities under the roadmap from the community levy.