Delay Sub-Regional Currency Integration Beyond 2020, Buhari Urges ECOWAS
Citing the lack of preparedness by some member countries and clear disparities in their macro-economic conditions, Nigeria’s President Muhammadu Buhari, wants the Economic Community of West African States (ECOWAS) to slow down the sub-region’s planned currency integration earlier scheduled for 2020. He called for a review of the fast-track approach to monetary integration and the harmonization of plans by ECOWAS members with that of the African Union Programme of monetary convergence that had recommended a convergence deadline of 2034 for the establishment of Regional Central Banks in all sub-regions of the continent. Buhari also drew attention to the issue of credibility of the union if anchored on watered down criteria and other major issues of concern that members must examine in order to make progress. Speaking at the 5th meeting of the Presidential Task Force on ECOWAS Currency Programme in Accra, Ghana, on Tuesday, Buhari, who was represented by Godwin Emefiele, governo...