Ebrima N. Wadda, director of economic research at the Central Bank of The Gambia, has reiterated that the ECOWAS single currency launch has been moved to 2027.
He explained during the 42nd joint ordinary meeting of the Economic and Monetary Affairs Committee that the launch has been shifted because he is convinced that the necessary components for a region-wide monetary union that is more sustainable and credible would have been in place.
The ECOWAS single currency roadmap’s implementation progress continues to accelerate. The capital and reserves of the potential West African central bank, as well as the distribution keys, have largely been agreed upon within the last few months alone. Significant work on the ECOWAS solidarity and stabilisation fund has also been completed.
He stated that despite these commendable accomplishments, significant work on the roadmap activities remains to be completed, including but not limited to the issuance of voting rights, status, and CBWA hosting.
Director Wadda went on to say that stakeholders’ collective resolve and willingness to compromise are essential for the subregion’s long-term financial union.