west african blocs 2020 single currency goal fails
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

West African bloc's 2020 single currency goal fails

Arab Today, arab today

Arab Today, arab today West African bloc's 2020 single currency goal fails

The CFA franc is pegged to the euro and used in eight West African countries
Niamey - Arab Today

The 15-nation West African bloc ECOWAS told regional leaders Tuesday that the goal of establishing a single currency among their economies in 2020 had failed.

"The roadmap has not been implemented vigorously," Marcel de Souza, president of the ECOWAS Commission, told a summit in Niamey, the capital of Niger.

"We cannot move to the single currency in 2020," he said.

Four goals had been set down for introducing a single currency but "there are not the results to match," de Souza said.

"From 2012 to 2016, none of our countries has been able to persistently uphold the prime criteria in the programme for macro-economic convergence," he said.

The summit aims at assessing progress towards a single regional currency 30 years after the goal was first sketched.

ECOWAS -- the Economic Community of West African States -- was set up in 1975.

Today it comprises Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo, which together have 300 million inhabitants.

Tuesday's announcement came after a string of revisions and postponements to the monetary integration plan over the years.

In 2013, ECOWAS tasked Niger and Ghana with "coordinating" the single-currency campaign, and in 2014, a "task force" was set up to provide them with guidance.

But De Souza listed a number of setbacks, including failures to harmonise monetary policies between the eight currencies used by ECOWAS economies, and to set up a "monetary institute" -- a forerunner of a common central bank.

Eight ECOWAS countries (Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo) jointly use the CFA franc.

They are moored to the single European currency and are gathered in an organisation called the West African Monetary Union, or WAMU.

But the seven other ECOWAS countries have their own currencies, none of them freely convertible amongst themselves.

Presidents Mahamadou Isoufou of Niger, Alassane Ouattara of Ivory Coast, Nana Akufo Ado of Ghana, Muhammadu Buhari of Nigeria and Faure Gnassingbe of Togo took part in the summit.

Source : AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

west african blocs 2020 single currency goal fails west african blocs 2020 single currency goal fails

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

west african blocs 2020 single currency goal fails west african blocs 2020 single currency goal fails

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks

GMT 11:06 2017 Wednesday ,27 December

Bahrain tourism projects valued at over $ 13 billion

GMT 20:35 2011 Tuesday ,10 May

New exhibition of Islamic ornaments

GMT 19:52 2016 Friday ,19 August

Nice joins wave of French towns banning burkinis

GMT 03:46 2017 Wednesday ,06 September

US-backed Syrian forces seize Raqqa mosque

GMT 22:22 2017 Friday ,15 December

BDF Military Museum open on National Day

GMT 09:47 2015 Wednesday ,02 December

Ryanair launches court action against Google, eDreams

GMT 10:46 2017 Wednesday ,22 March

Japan's February trade surplus hits multi-year high
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday