Ecowas Pursues Single Currency Ambitions

The Economic Community of West African States (Ecowas) has made progress towards its goal of creating a single currency for the region with ministers of the 15-member body meeting this week to discuss various technical issues.

According to the minister of finance for Ivory Coast Adama Kone ministers from across the region have established a roadmap for the project. Topics discussed during the meetings included the exchange-rate regime and monetary policy framework.

Following the meetings a draft report is expected to be review by regional heads of state later this month.

While the target date for the new currency to be launched is 2020, countries will only join the monetary union when they meet the agreed convergence criteria.

Ivory coast is one of several French-speaking countries in the region that shares the CFA franc.