THE AFRICAN COURIER. Reporting Africa and its Diaspora! The African Courier is an international magazine published in Germany to report on Africa and the Diaspora African experience. The first issue of the bimonthly magazine appeared on the newsstands on 15 February 1998. The African Courier is a communication forum for European-African political, economic and cultural exchanges, and a voice for Africa in Europe.
The Economic Community of West African States has postponed the planned launch of its single currency, the Eco.
The body agreed to maintain a gradual approach for the launching of the currency.
ECOWAS explained that a new date for the launch would be announced later.
This was contained in a communiqué issued at the end of the 57th Summit of the Heads of State and Government of ECOWAS, which took place in Niamey, Niger, on Tuesday.
The body said the postponement was in order to consolidate its achievements.
READ ALSO Division breaks out in ECOWAS over common currency
Consequently, a new road map for the single currency programme would be developed.
The communique read, “Member states are to be exempted from compliance with the convergence criteria in 2020, while also developing a new macroeconomic convergence and stability pact among the ECOWAS member states.”
The President, Major General Muhammadu Buhari (retd.), had on Monday cautioned that the ambition for the regional currency could be in serious jeopardy, unless member states complied with agreed processes of reaching the collective goal.
He also expressed concern over the decision of francophone countries that form the West African Economic and Monetary Union to replace the CFA Franc with Eco ahead of the rest of member states.
Kola Tella
READ ALSO Ghana’s President Nana Akufo-Addo elected ECOWAS Chair
