State House, Freetown, Tuesday 23 June 2020 – His Excellency President Dr Julius Maada Bio has encouraged an extra-ordinary virtual summit with colleague Heads of State and Government of the member states of the West Africa Monetary Zones, WAMZ, to unite in achieving the single currency agenda.
With Eco being the proposed name of the new currency, the goal is to merge it with the West African CFA franc, used by most French-speaking members of the Economic Community of West African States. This will create a common currency for much of West Africa.
In his presentation President Bio, who is Chairman of the WAMZ Authority of Heads of States and Governments, said that they were meeting for the development of their union and for the continuation of what their predecessors had started. He noted that even in the midst of the COVID-19 pandemic, they were expected to take actions and move the project forward because a lot of efforts had gone into it.
Sierra Leone’s Minister of Finance, Jacob Jusu Saffa, who is the chairman of the Convergence Council, commended the Heads of State on behalf of the Convergence Council and Committee of Governors of WAMZ for participating in the extraordinary summit, noting that their participation was a manifestation of their belief in and passion for monetary integration in ECOWAS.
President of the Republic of Nigeria, Major General (Rtd.) Muhammadu Buhari, said the plan for the single currency could be in serious jeopardy unless member states complied with agreed processes of reaching the collective goal.
President of the Republic of Ghana, Nana Akufo-Addo, expressed appreciation for the initiative of President Bio in conveying the meeting, saying that it was their strongest conviction that the pandemic, notwithstanding the process of regional integration which was absolutely critical to the future progress and prosperity of their people, must by all means continue and if possible be further accelerated.
Other Heads of State, who spoke at the summit, included the President of the Republic of Gambia, Adama Barrow, President of the Republic of Guinea, Alpha Condè, President of the Republic of Liberia, George Weah and President of the Republic of Nigeria, Muhammadu Buhari.
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