The Governors of Central Banks of the Economic Community of West African States (ECOWAS), who constitute the Central Banks Working Group on the ECOWAS Single currency, met in June this year, to discuss on adopting one currency for the member states. It seemed as a resounding discussion, but the development may roll out next year.

Ivorian President Alassane Ouattara has said West African nations who meet the criteria to join the single currency should do so by 2020. “Countries that are ready, such as countries in the West African Monetary Union (WAMU) zone that are ready and have made significant efforts in terms of good management, good governance, deficit control and debt control, will probably be ready in 2020. It will be up to the heads of states of this zone to take a decision, it is not for me to say”, the Ivorian President said.

The new currency is dubbed “ECO” will be the name of a single currency for members of the Economic Community of West African States (ECOWAS). The single currency was first proposed three decades ago to help boost cross border trade and economic development.