ECOWAS Parliament Commits to Single Currency in the Region

November 16, 2018

COWAS has expressed strong commitment towards combating terrorism and achieving the single currency policy of the region.

The speaker of the ECOWAS Parliament Moustapha Cisse Lo made the commitment at the opening ceremony of the Second Ordinary Session of the ECOWAS parliament holding in Abuja, Nigeria.

Mr. Cisse-lo pledged the parliament’s willingness to harmonize economic policies in the region, through the creation of a free trade zone to boost economic growth.

According to Mr. Cisse-Lo “the single currency project is a process that has to be sped up, as we cannot think of development without harmonizing our economic policies in our region.”

He promised that for the general good of the citizens of West Africa, the parliament would take necessary steps in enhancing economic development of her people.

Addressing the parliamentarians, the Speaker of the National Assembly of Niger, Mr. Ousseini Tinni stated his country’s stance on the single trade currency of the African Union, urging ECOWAS to push for the implementation of single currency policy.

Mr. Tinni projected the huge economic down turn for the continent and people of Africa if the economic policy was not implemented.

“As you are aware today, the inter country trade is very low, it’s at 15 Percent, compared to blocs like EU with 70 Percent inter country trade volume.”

“This should be an economic resolution, the Africa free trade area has a GDP of 2.3 billion dollars, making is the largest free trade zone in the world.”

“We can move from 15 percent trade penetration to 60 percent in 2022,” he disclosed.

Mr. Tinni called for the ratification of the unified economic policy by all members’ state, while tasking his colleagues to approach the single currency policy with renewed fervor.

The 30-day session will also focus on the challenges of child trafficking, human rights and sustainable development across all members states.