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The occasion of the technical meeting of the working Group for the validation of study on the ECOWAS single currency held in Accra.

Dr.  Kofi Konadu Apraku, who chaired the program emphasized that, "our journey towards a single currency in West Africa has been long and arduous. It therefore, please me to make brief remarks at this important meeting which is intended to validate the study on the ECOWAS single currency as we drive the processes closer towards actualising our aspiration for a single currency for the sub-region by 2020".

He said, "the effective implementation of the regional monetary integration programme remains high on the agenda of the ECOWAS authority. The ECOWAS leadership has in, recent years, demonstrated renewed interest and enhanced political will to accelerate the pace of implementation of all regional monetary integration programmes. This profound interest has led to the establishment of the presidential Task Force to oversee the accelerated implementation of the monetary integration programme and to ensure the realisation of the single currency by 2020".

The last meeting of the Presidential Task Force was held in Accra on 21 February 2018 during which a revised and coasted roadmap for the ECOWAS single currency was adopted by the Presidential Task Force. The Task Force also pledged to fully finance the effective implementation of the roadmap to ensure the establishment of the ECOWAS monetary union by  2020,he said".

Further more, you would recall that on the 20th February 2018, the Ministerial Committee of the Presidential Task Force on the ECOWAS Single Currency Programme, during their meeting in Accra setup a working group to liaise with the United Nations Economic Commission for Africa UNECA in finalizing the report on " The ECOWAS Single Currency: Assessment of achievements and proposal of criteria /options for attaining the 2020 deadline. In the pursuit of this mandate, the ECOWAS  commission collaborated with the UNECA to organize missions to some ECOWAS member States and the relevant regional institutions to review the data and hold discussions on the methodology used in carrying out the study".

Dr. Kofi Konadu Apraku concluded that, the critical aim of this meeting is to quicken the process toward achieving monetary integration for the sub-region after over three decades of efforts. The agenda of this meeting is of the utmost importance and the result should lead us much closer to our aspirations. I therefore urge us all to put in maximum efforts in examining the various countries reports critically to enable the Commission to carry out its mandate successfully".

Source | kofi dwumah

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