ECOWAS Single Currency Ministerial Committee Meets

The Ministerial Committee (ECOWAS Convergence Council) on the ECOWAS Single Currency Programme has met in Bissau, Guinea Bissau to discuss what constitutes the Definition of “Majority” of the concept of “Majority of Member States” within the framework of the Macroeconomic Convergence and Stability Pact among Member States.

The Ministers discussed and adopted the report of the Macroeconomic Policies Technical Committee meeting on the ECOWAS Single Currency Programme and the 2020 and 2022 financial report on the use of the resources of the Special Fund for financing the revised Roadmap of the ECOWAS Single Currency Programme.

President of the ECOWAS Commission, Dr. Omar Alieu Touray, whose speech was read by Ms. Massandjé Massandjé Touré-Liste, Commissioner for Economic Affairs and Agriculture of the ECOWAS Commission, encouraged the Convergence Council to arrive at a consensus after reviewing the report of the Technical Committee so that it can be presented to the Council of Ministers at their next session.

“It is important to note, to move forward as a region, there must be give and take, which sometimes may be a painful sacrifice for the sake of collective good”, President Touray added.

Minister of Finance of the Republic of Guinea Bissau and Chairperson of the Ministerial Committee on Single Currency, Dr. Ilídio Vieira Té, tasked the Committee Members to make headway with the definition of the “Majority” necessary for the Region to enter the Stability phase. “This will result in a successful stand and attest to our spirit of fraternity which characterizes our Community” he said.

The “ECO” (ECOWAS Single Currency) based on the revised Roadmap is expected to be launched in the 3rd quarter of 2027.