the ECOWAS Parliament Thursday took another step towards achieving a single currency for the sub-region by adopting the draft resolution on the Stability and Macroeconomic Convergence Pact.
The pact, which was adopted at the close of its first ordinary session in Abuja, was an essential prelude to meeting the criteria for member states’ adoption of the single currency – the ECO.
The parliament adopted its resolution for a draft act complementary to the pact.
This followed the deliberations of the Plenary on the submissions of its Joint Committee on Macroeconomic Policy and Economic Research and the Committee on Administration, Finance and Budget.
The resolution, which would be transmitted to the Commission, aimed to ensure the coordination of macroeconomic policies with the aim of ensuring a viable economic and monetary union as well as strengthening macroeconomic stability.
In the presentation, the Joint Committee, chaired by Kebba Barrow, stressed that the pact will be implemented in two phases.
He said the resolution was also aimed at strengthening the convergence of member states’ economies, including monetary and financial cooperation.
Mr Barrow added that he will also define the adoption procedures as well as the modalities for the implementation of the national convergence programs.
According to him, the first phase which will focus on convergence will take place from January 2022 to December 2026 while the second phase will focus on stability and will take place from January 1, 2027.
At the same time, other resolutions adopted by Parliament touched on issues such as the examination of the political situation in Mali, discussions on the post-electoral situation in Benin, Burkina Faso, Côte d’Ivoire, Ghana, in Guinea and Niger.
They also included trade, customs and free movement as well as the rules for the management and attribution of the ECOWAS brand. conformity to ECOWAS standards.
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