ECOWAS endorses draft Supplementary Acts to fast-track realisation of region’s single currency

Members of the ECOWAS Convergence Council, comprising the Ministers of Finance and Governors of Central Banks of Member States, have ended a one-day meeting in Lome, Togo with the adoption of some basic documents that will guide the process for meeting the target date of actualizing the single currency objective of the region.

According to the regional body, the documents include the Guideline on the Formulation of Multi-year Programme on Convergence within ECOWAS, the Draft Supplementary Act on the Convergence and Macroeconomic Stability Pact among Member States and the Draft Supplementary Amendment of a regional decision on the Creation of a Multilateral Surveillance Mechanism of Economic and Financial Policies of Member States.

“The draft Supplementary Acts and Guideline would boost the effective implementation of the multilateral surveillance mechanism as well as serve as a benchmark for the various National Coordinating Committees for the preparation of the convergence programmes of Member States,” said ECOWAS in a statement October 15, 2011.

ECOWAS said the draft Supplementary Act on Convergence and Stability Pact, will constitute a formal commitment by Member States and ensure economic policy coordination, strengthen the convergence of the economies of Member States, enhance macroeconomic stability and strengthen monetary cooperation.

The statement adds that it will also define the procedures for the adoption and the mechanism for the implementation and evaluation of convergence programmes as well as constitute an instrument for ensuring the harmonious implementation of the mechanism for the multilateral surveillance of macroeconomic policies within the region.

The draft Supplementary Acts will be presented to the next ECOWAS summit of Heads of State and Government through the Council of Ministers, it said.

By Ekow Quandzie