In the period from 6 to 14 September 2018 in Abuja, Nigeria will be held in Abuja from 2016 in Abuja from 2018 in accordance with the Charter of the Organization of West African Monetary Agency (WAMA), the West African Monetary Zone (WAMZ) and the West African Institute of Financial and Economic Management (WAIFEM ) to analyze the progress achieved in implementing the single ECOWAS tariff card.
The meeting will be preceded by the 33rd joint regular meeting of the Committee on Economic and Monetary Affairs and the Committee for Operations and Administration of the West African Monetary Agency (WAMA) on September 6 and 8, 2018 and the 38th meeting of the Technical Committee West African Institute of Financial and Economic Management September 9, 2018 .
The meeting will consider the implementation of programs under the ECOWAS Financial Cooperation Program (ECHR), compliance by member countries with the criteria for convergence, harmonization of the payment system, harmonization of the monetary and exchange policy framework, exchange rate regimes, harmonization of statistics, liberalization of capital transactions, financial Integration, as well as other administrative and management issues in these institutions, and others.
The meeting will also assess the willingness of member countries to reach the deadline for the introduction of a single currency in ECOWAS by 2020.
Let me remind you that Nigeria and Ghana took different positions on the introduction of a single currency for the Economic Community of West African States (ECOWAS).
Both countries could not agree on this initiative at the recently concluded meeting of the President’s Task Force on the ECOWAS Single Currency Program, which was held in Accra
Nana Akufo-addo, the president of Ghana, argued that Member States should ensure the introduction of a single currency by 2020.
He said that ECOWAS is blessed with rich human and material resources, so the existence of a single currency will accelerate the strengthening of commercial ties with the attendant benefits.
“We are still determined to have a single currency that will help eliminate trade and monetary barriers, reduce transaction costs, increase economic activity and improve the living standards of our people. This is the goal that we must achieve, “he said.
Godwin Emphile, governor of the Central Bank of Nigeria, who represented Nigeria at the meeting, warned against a hasty transition to the introduction of a single currency for West Africa.
According to him, the heads of government of ECOWAS did not properly analyze the comprehensive picture of the state of individual countries’ readiness for monetary integration by 2020.
These comments reflect the views expressed by President Muhammad Bukhari at the 4th meeting of the ECOWAS currency task force, which was held in Niger in 2017.
At this meeting, Bukhari said that Nigeria would not approve the rapid implementation of monetary policy because of the diverse and uncertain macroeconomic foundations of many countries.
“At previous meetings, we specifically raised comments on the state of readiness of Member States, on confidence in the Union if they are tied to irrigation criteria, and on the continuing imbalances between macroeconomic conditions in ECOWAS countries, among others. And I would like to repeat these fears, “Bukhari said.
In addition, along with the meetings, the meeting of the Technical Committee of the College of Observers WAMZ (CSWAMZ) will take place. The convergence council includes the finance ministers of all WAMZ member countries.