In a statement ECOWAS Commission expressed deep gratitude to the government and people of Liberia for hosting the conference and hospitality accorded delegates while also expressing gratitude to the Management of the Central Bank of Liberia for conclusive arrangements in hosting of the event.
The Statement was presented today during the opening ceremony of the thirty-first Joint Ordinary meeting off the Economic & Monetary Affairs Committee and the Operations and Administrative Committee at the Central Bank of Liberia, in Monrovia.
Implementation of the EMCP
The statement read by Mr. Gideon Gbappy, Principal Programme Officer, Multilateral Surveillance said ECOWAS Commission remains “committed to the successful implementation of the ECOWAS Monetary Cooperation Programme (EMCP) because it continues to provide the foundation for monitoring progress towards macroeconomic stability and convergence in our region.”
“It also provides the framework for harmonizing economic and financial policies in our member state,” the statement said.
Challenge to launch common currency
The ECOWAS Commission, however, noted that the target date of 2020 for the launching of the common currency in the region is now a “daunting challenge given the substantial activities in the roadmap for the ECOWAS Single Currency Programme that are yet to be implemented or completed.”
Another key element posing obstacle contained in the ECOWAS Commission statement is that the regional convergence profile is “far from satisfactory because progress towards sustained convergence in the region has been slow and mixed.”
The statement further said that the ECOWAS Convergence Council during its 9th statutory meeting in Abuja, Nigeria, on December 9, 2016, recommended that the “Commission should collaborate with relevant regional institutions and member states to conduct a study to determine the feasibility of the 2020 date for the launch of the single currency, including a comprehensive review and costing of the Roadmap of the Single Currency Programme.”
The ECOWAS Commission statement maintained that the study however, “will not in any way, diminish the commitment and importance that ECOWAS Commission attached to ensuring accelerated progress towards convergence and sustained macroeconomic stability in the region.
Presidential Task Force
ECOWAS says it intends to organize the next meeting of the Presidential Task Force on the EMCP in Niamey, Niger before the end of the year to “discuss the status of implementation of the roadmap salient uses relating to the single Currency Programme the statement said.
On a more positive turn, ECOWAS Commission says it remain committed to monetary integration and sustained development of member states.
Peace and stability
Meanwhile, ECOWAS Commission in its statement said despite numerous challenges it made concerted efforts to promote peace and stability as well as economic development in member states.
“Achievements recorded by ECOWAS in 2016 include successful conduct of presidential and parliamentary elections in five-Member States namely, Niger, Benin, Cape Verde, The Gambia, and Ghana,” the statement said
According to the statement “Continued roll-out of the ECOWAS Common External Tariff (CET) to 13 of the 15 Member States, establishment of a Task Force in May 2016 in Ouagadougou to facilitate efforts at reducing non-tariff barriers that hinders intra-regional trade development and establishment of ECOWAS Regional Competition Authority (ERCA) in The Gambia,” were some tangible achievements recorded says statement.