…urges Benin, Niger and Nigeria to hasten work on reopening of border
The Economic Community of West African States (ECOWAS) Authority of Heads of State and Government, have adopted ‘Ec’ as the symbol for the ECOWAS single currency otherwise known as ECO.
The ECOWAS Authority also called on the Republic of Benin, Niger and Nigeria to hasten the work of the Tripartite Ministerial Committee in order to resolve all existing border issues.
The ECOWAS Authority of Heads of State and Government further adopted the Central Bank of West Africa as the name for the ECOWAS Central Bank.
In a communique released yesterday after the just concluded 56th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Abuja, the ECOWAS leaders commended the ministerial committee for the progress made with the implementation of the ECOWAS single currency programme.
The authority welcomed the improved macroeconomic convergence outlook in 2019 and urged member states to continue efforts to comply with the convergence criteria.
“The Heads of State and Government take note of the proposed symbols of the ECOWAS single currency and adopt the following as the ECO symbol: Ec.
“As regards the name of the ECOWAS Central Bank, the Authority adopts the following: Central Bank of West Africa (CBWA),” the communique read.
The ECOWAS Heads of State and Government further said after listening to the President of Cote d’Ivoire and Chairman of the West African Economic and Monetary Union (UEMOA) Authority of Heads of State and Government, Alassane Ouattara, the authority took note of the major developments in the UEMOA monetary zone.
The ECOWAS Authority added that the reform would facilitate its integration into the future ECOWAS Monetary Zone.
In the area of Free Movement of Persons and Goods, the ECOWAS Authority reiterated the need for all member states to fully implement the Protocol on Free Movement as it relates to the rights of entry, residence, and establishment.
It called on member states that were yet to issue the ECOWAS National Biometric Identity Card to accelerate arrangements which will facilitate the mobility of community citizens in the region.
Regarding the free movement of goods within the ECOWAS region, the ECOWAS leaders took note of the continued challenges in the implementation of the Protocol on Free Movement of Persons and Goods arising from border closure to goods.
The Authority also took note of the low level of intra-regional trade and urged all member states to remove both tariff and non-tariff barriers to trade.
“The Authority commends the efforts of the ECOWAS Trade Liberalisation Scheme (ETLS) Presidential Task Force on the matter and requests the Tripartite Ministerial Committee comprising Benin, Niger and Nigeria to quickly conclude its work in order to resolve all existing border issues,” the communique further read.