The West Africa Monetary Institute (WAMI) has disclosed that the proposed ECOWAS single currency is expected to be launched and circulated in member states by January 2015 as part of the region’s integration process.
The WAMI Director of Finance Integration, Dr. Eunice N. Egbuna, who represented the director general of the institute stated this during a visit by a group of West African journalists who were on training in Accra, Ghana organized by Deutsche Welle Akademie on regional integration.
“The establishment of a common West Africa central bank and single currency is expected to kick off by January 2015 when member states must have met all the qualitative and quantitative requirements for both to be operationalized,” Egbuna said.
She also said $200 million was set aside as the capital base for the proposed West African Central Bank with a contribution of $100 million from each member state.
Apart from member’s contributions, individual countries are also expected to have certain contribution at their own free will. “Ghana has offered to build the central bank which would be located there, WAMI secretariat would be in Guinea and the cost would be borne by its government while Nigeria is expected to also take responsibility of an aspect of the process. Members will as well contribute based on their Gross Domestic Profit,” the director said.
She also said that they signed a memorandum of understanding with French speaking countries in the region on information sharing, adding that member states are expected to harmonize their currency especially those with double currency before the introduction of the single currency
GENERAL - ECOWAS Single Currency Begins In 2015 -WAMI
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