ECOWAS Single Currency Prez Mahama In Niamey To Rally Support For ECOWAS Currency

President John Mahama is rallying member states to work hard to meet the timelines for the adoption of the ECOWAS single currency.

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President John Mahama this morning joined his colleague, President Mahamadou Issoufou of Niger, to receive the report of the third meeting of a Presidential Task Force on the ECOWAS Monetary Cooperation Programme, in Niamey.

The Presidential Task Force, made up of Ministers of Finance and Central Bank Governors, is helping the two leaders implement the agreed road map for achieving the January 2020 deadline for the introduction of a single currency and launch of the ECOWAS Monetary Union.

ECOWAS at its Dakar meeting in October 2013 charged President Mahama and President Issoufou with the responsibility of working to ensure that the sub region meets the January 2020 timeline.

President Mahama told the meeting that there is the need for all member states to continue to work towards meeting the convergence criteria and demonstrating the needed political will towards meeting the timelines.

"There will be no room for excuses, and especially as political leaders, our people will not appreciate any further excuses. My brother President Issoufou and I, will continue to work and meet with our colleagues heads of state to push for the needed political support for the activities of the various Central Banks and Finance Ministries towards meeting the various criteria and timelines", President Mahama stated.

He also made a case for fast tracking some of the processes that do not require lots of background work.

"The process towards the establishment of the proposed ECOWAS Monetary Institute must start now in order for us to have the Working Group ready ahead of June 2015 as contained in the road map.

Moving ahead of the roadmap with items that do not require lots of background work will be critical to the attainment of the activities including the establishment of the ECOWAS Central Bank by June 2019."

President Mahama who arrived in Niamey this morning, will return to Accra after the meeting this afternoon.

Source: Flagstaff House

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