The Foreign Affairs Minister, Samuel Okudzeto Ablakwa, has stated that citizens of ECOWAS member states should “keep hope alive” in anticipation of a common currency and a Central Bank.
The dream of establishing a unified trade platform has been in the pipeline for over a decade. The idea was proposed with the hope of creating a currency to rival the Euro and the US dollar, which are globally recognized currencies for trade.
The ‘ECO’ is intended to enhance trade and eliminate trade barriers within the ECOWAS sub-region.
“The vision is alive. It hasn’t been abandoned. It hasn’t been deserted,” Ablakwa said at a press conference, on Monday, April 21.
According to him, the main challenge lies in establishing a common platform for convergence. He noted that preliminary structures have been put in place, adding that there is the necessary “political will.”
ECOWAS is expected to mark its year-long golden jubilee celebrations in 2025, with activities beginning in Accra.
Heads of member states will arrive in Accra from April 21 to 26 to launch the ECOWAS@50 celebrations and unveil a commemorative logo.
As part of the plans, heads of state will hold a series of meetings, and a report will be presented on the three nations, Mali, Niger and Burkina Faso currently under military rule.
Foreign Affairs and Finance Ministers, as key stakeholders, are expected to meet to discuss, among other issues, economic cooperation, trade and the establishment of a common platform to eliminate barriers to trade.
“In the shortest possible time, we shall have a common currency, a common standby force, and common institutions that will help us attain full integration,” he said.
He added that a common central bank and other ideals committed to by the founding fathers are actively being pursued.
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